Market order 37 seconds before close and NYSE won't honor it...

Discussion in 'Order Execution' started by jimcrist, Feb 27, 2007.

  1. jimcrist

    jimcrist

    CyberTrader was still waiting for execution reports at 5:30, but mine was not among them. I could probably throw a hissy fit and get it filled, but I'm ambivalent about the order anyway. Anyone else have problems like this?
     
  2. I have four market on close orders that were at the specialist's post a good two hours before the close and were never executed. They closed most stocks manually today and I was still getting executions an hour after the market was closed. Not sure what I'll wake up to, but I've been told that I SHOULD be out.
     
  3. They should at least give you a free RT trade. Did you call Cyber?
     
  4. I hope that was a GTD market order and not GTC. If it's GTC you could still get filled in the morning.
     
  5. I put in an order at 2:40pm CST immediately tried to cancel. No response until 2:59:47 then get the fill. This I suppose is the risk of electronic trading.
    My question is this: What is the maximum time allowed between a due fill and the reporting of the fill? How long are we supposed to sit on the runway?
     
  6. jimcrist

    jimcrist

    I guess Lehman, which I believe acts as the MM for all of CyberTrader's NYSE trades, had a reason for not honoring my trade. STP, the stock I was trying to cover, gapped up and ended the day up 2+%. Next time I'll make a stink about it. Yes, I was in contact with CyberTrader, waiting for the fill that never came.

    I chose not to escalate the matter 'cuz according to my swing trading system, it closed one stinkin' penny below my stop. The fact that my two other NYSE market orders got belated fills last nite shoulda tipped me off that LEHM really didn't want to cover my short.

    One other time this happened I pushed hard enuf that LEHM closed my position the next morning in the premarket, using the previous day's close.

    Oh well, I caught a lucky break today, so I'm not too upset. My system got me into STTX right before it halted. Probably my biggest windfall profit ever!
     
  7. What are the regulations and licensing agreement you signed? I don't trade stocks, just futures. I know what they can bust a trade on or blow out an order.
     
  8. Thats some system that buys the high after a huge gap up move. must have lots of winners.
     
  9. bighog

    bighog Guest

    Welcome to the real world of trading. Who ever said the bigs are going to worry about a few small fishies? If you do not like trading when the going gets rough, get out of the kitchen or sust suck it up. .. :p

    Think about back in 1987 when they never even answered the phones. .. :eek:
     
  10. SteveD

    SteveD

    Trading on those kind of days is dangerous......it was announced several times that quotes/trades were unreliable....

    Like driving on the freeway with everyone lights off


    This is a good example of why I watch/listen to CNBC....I know it is so uncool to do so.....LOL

    I like to be as informed as possible....but hey, that's just me


    SteveD
     
    #10     Mar 1, 2007