cstu, I'm always happy to see you participating, because you are a former specialist and there is much we can learn from you. Why do you think the o.p. did not get a short execution on the open? The opening price was an uptick from the previous day's close, and his limit price was well below the opening price.
Specialists this yr kinda got shafted on the bonus front, so.... they get shafted, they shaft you... -c
Every order on the NYSE that is entered prior to the opg is a held order and has a price through which a stock can't trade without getting executed. It is impossible to determine where mkt shorts or shorts priced below the last sale are marketable without knowing what tick the last sale from the prior day was. If it was a plus tick then all mkt shorts are marketable at 74. If it was a minus tick than the price is 74.01. Low limit prices on short orders have very little relevance as they are only held at one price which always has to be an appropriate plus tick.
cstu, Thank you for your comments. I believe what you are saying that I should got the fill (which was the point). Did not understand your comments on "not even knowing basic rules" though. As a former spec, can you explain to me why the specialist did not post any indications to invite buyers if it was such a lack of buy orders that last short participated was entered at 9:03? Thank you.
I still don't know if you should have gotton a fill as I have no idea if 74 was a plus or minus tick.... Your order only has time priority over other marketable shorts and limit orders at your held price (the first plus tick) . It does not have priority over all opening participants because price takes precedance.
you were on the back of the line. there weren't enough buyers to give you short sell. the 9:03 last short order to participate was the last order in front of you who got matched with the remaining balance of buyers available on the open print. since there weren't enough buyers to satisfy all shorts, only some got filled. if put in a million share short sell OPG market order it is unlikely all million shares will print on open unless a million share buyer can be found in time of the open. if not, won't trade all on opg.