LOO does not make any sense

Discussion in 'Order Execution' started by shortie, Feb 6, 2008.

  1. Why don't I get the opening price? These orders were submitted last night and routed to NYSE by IB. Orders were LMT, OPG.

    Sym Lmt Executed OpeningPrice
    PRU 78.28 78.58 79.23
    PBR 106.50 107.62 107.10

    The opening prices shown are the official openings according to http://www.nyse.com/about/listed/lcddata.html?ticker=pbr

    As you can see one fill was better while the other was worse than the Open. I would rather eliminated this sort of uncertainty because I am sure I won't end up ahead with this kind of fills in the long run.

    I had several other orders (LMT, OPG) that were routed to ISLAND and they all got the exact Opening Price. What am I doing wrong? How to get LOO to work with NYSE stocks? Should I use SMART routing or route to someplace else?
  2. This may come as a surprise, and i know it sounds strange, but the opening prices for NYSE stocks that are displayed on the NYSE website link you quoted are not generally accurate. So the prices you got filled at are probably the true opening prices...
  3. these prices match what IB shows. so i don't think they are incorrect prices. why would nyse and IB quote the same price that is wrong? where are the official opening prices then?
  4. i show open on pru 78.58 pbr 107.10
  5. rwk


    My experience has been that the official opening price is generally unavailable. I think NYSE gets the opening price they display on their Web site from a quote vendor. The quote vendors typically show the first trade after 9:30am as the open.
  6. pru matches my execution, but pbr 107.10 matches my IB quote (not the execution). What is the sourse of your quote?

    I am starting to believe that I am not being cheated by NYSE. But this lack of transparency is not healthy. Or maybe this is another way of making a buck for NYSE - by selling the official open quotes (assuming they are selling them).
  7. qcharts
  8. While we're on the topic, what are good places to get accurate historical opening prices for NYSE stocks?
  9. As someone who works for a firm that has a significant presence on the NYS floor...

    It's all up to the SPECIALIST.

    Also, you now have competing exchanges (ECN's)... IB is probably more than likely (I'd wager $1 winthorpe) on this --- they're using CONSOLIDATED quotes. Consolidated Quotes (CQ) come from any exchange... Coulda been the regionals that f'd you.

    Just my 0.02
  10. We submit an average of about 30 million shares each morning. We have always gotten the "true" opening price, not the 9:30 bell quoted price based on alternative markets.

    You might have to specify NYSE only with the "opening only order."

    #10     Feb 7, 2008