Looks like the spec got the cancel, but didn't care... Nazdack and Limit Orders - works for me! In cases with close timing like this, what will IB do? It will be interesting to find out. Keep us posted. Good luck with your problem.
No word yet from IB. I hope I'm not getting the silence treatment. To bust a trade must be acted on relatively quickly.
I think you'll find that IB is just the middle man in all of this. If one of your orders is executed, IB has no choice but to report the execution to you. They can take your request forward to the exchange for a bust but there might be a fee for this. Also, the time limit to request busts is set by the exchange and it's very short. One other thought. You cancelled the trade but it should have stayed in PINK indicating that the cancellation was received by IB but had not been acknowledged by the exchange. Once the order goes RED, then the acknowledgement has been received and you shouldn't have received an execution.
i dont think so, since it is the norm. specialist may be busy, clerck also busy matchin' orders...orders can go trough after 12sec as a rule so i dont think u got much of a case here. i am surprised it never happened to u before, it does to me on a daliy basis.
Gotta tell you...that's a regular happening on the NYSE. Expecting action in 2 seconds from those guys is expecting way too much. I can't see why they would bust it either. OldTrader
IB will probably say (and be able to prove most likely) something like "Hey, we sent the orders to the exchange, what else can we do?". I doubt the exchange rules on busting are clearcut on delayed orders, like they are on "away from the market fills". Hope it works out okay for you.
The specialist likely received your cancel request....and ignored it as he was cleaning up a print. This is standard stuff from NYSE. As far as a bust?? No chance, this is not IBs fault. .....and if they DID bust....you'd be stuck short the stock x 10k shares, as you "had to sell at a loss". You can't break both sides because it didn't go your way.
I've had problems the last 2 weeks with orders I thought were filled, shorts specifically, and weren't. The BookTrader showed them as filled and then suddenly they weren't. I thought I had covered the shorts a few seconds later for quick scalps of .30 and .50 trading ER2. But instead just the buys went through and I was long and ended up losing 1.10 points one time and then a week later 1.20 points. Didn't work for me. I may start a thread explaining just what happened. I think in my case it's a data feed problem with IB's servers. I think the BookTrader saw someone buying at the price I thought I shorted at and thus the line went black indicating a fill. But in the real world maybe the price had already moved away from that so no one was there to buy. Something like that. BTW thanks for mentioning the Audit Trail feature which I didn't know about.
[ One other thought. You cancelled the trade but it should have stayed in PINK indicating that the cancellation was received by IB but had not been acknowledged by the exchange. Once the order goes RED, then the acknowledgement has been received and you shouldn't have received an execution. [/B][/QUOTE]] wrong. You can get filled even if the cancel is ackowleged and completely disapeared from the screen. Maybe a bug in the TWS. This is my experience. But there are some time, nyse can give me a really good fill, most time not.