Option Trader, This was not IB's fault. The failure to act timely was on the part of the NYSE specialist. This was the specialist's fault, and also your own fault because you don't understand how NYSE works. Bitstream was correct when he said that what you experienced is normal and routine for requests to cancel NYSE orders. The NYSE won't bust your trade, because this type of delay is considered normal by NYSE. It is quite possible that your order had already been filled prior to your cancel request. If so, then you didn't know this, because the fill had not yet been confirmed by the time you requested to cancel. Manual NYSE trade confirms are SLOW. It is also possible that your order had not been filled prior to the cancel request, but because NYSE trading is not fully automated, NYSE specialists are allowed substantial leeway to fill an order for some time after you request to cancel it, because they can always claim to be too busy matching orders manually, so that they didn't have time to act on your cancel request. Manual NYSE order cancels are SLOW.
You will not get a bust nor should you. You did NOT get a confirmed out on the cancel NYSE does this all the time as many have said, and it's worse at the end of the day . That's how it is. Only electronic will give you a fast cancel. For a man trading 10,000 shares you should know this. And lets not abuse the ET site by posting every trading issue in an effort to 'embarrass' brokers into action. You water down the effect when you need it. Let's reserve it for REAL problems that are not being addressed.
I had a cancelled order go through yesterday after it dissapeared from tws. After 5-10 sec, I hear "BLING" and the damn order showing a fill...with an immediate loss of course! I just look at it as a small cost of doing business but I try to keep my orders at 1000 shares or less to minimize these problems.
cant help but wonder how prop traders can trade all that size on nyse knowin' that shit can hit the fan anytime; i am scared to death tradin' more than 1k shares @nyse. always have all ecns ladders activated and still panickin' when stock moves against me and have to get out.
actually some of these posts are extremely helpful letting people learn what is "normal" on the different exchanges. perhaps the title of the posts should exclude the brokers name though.... with the new "hybrid" system most of my exits from trades are definetely not through NYSE....I've helped put enough of joey's kids through college at this point
what can i do, i trade gaps...i have no choice, with the very few imbalances i find every day if i exclude nyse i am left to trade that train wreck of naz and nuttin' else.
fwiw i've had pretty good luck with hidden orders on island for stops on NYSE stocks, they don't seem to be hit as much... also for target limit orders i like the same method. ARCA usually has a cent better price if you're in a hurry.