moc order nyse

Discussion in 'Order Execution' started by mnx, May 8, 2006.

  1. mnx


    I thought these couln't be canceled between 3:40 and 4pm?

    Is that correct?

    I just canceled mine at 3:57pm by mistake...


  2. you shouldnt be able to cancel but i think all the regulatory rules are self enforced by your trading platform. in other words, if you were able to cancel and should not have been able to, it was your trading firm's mistake and they can be fined if they are caught.
  3. kwancy


    Why do you use that order?
    just curious
  4. Ebo


    You can not cancel it!
    Although you may illegally enter an opposing order to offset it!
  5. alanm


    I think you can cancel if you are now on the same side of the imbalance or something like that.

    The rule is not enforced by the trading platform - it's done by NYSE's systems. If you try to cancel when you're not allowed to, DOT rejects the cancel, and your platform should indicate this (i.e. it won't give you an "out").
  6. mnx


    thought I'd give an update... we called Merryl and they said the specialist thought he was doing me a favour and gave me a cancel... some favour, I got destroyed the next morning as the stock decided to plummet...

    anyways, they're going to block the cancels on our platform once the software is updated...

    thanks for your answers everyone...