Discussion in 'Order Execution' started by prisma, May 12, 2003.

  1. prisma


    What are the NYSE-rules for MOO-/MOC-orders ?

    1.) Does the execution of a MOC-order depend on the uptick-rule, i.e. a MOC SHORT-order will eventually not be executed ?
    Does it make a difference wether this order is to open or to close a position ?

    2.) Does the execution of a MOO-order depend on the uptick-rule (compared to the last close-price), i.e. a MOO SHORT-order will eventually not be executed ?
    Does it make a difference wether this order is to open or to close a position ?

    MOO-LONG and MOC-LONG-orders should always be executed, as long as they are present at the market before 3:40 pm. Right ?


  2. H2O


    I THINK you´re right on the MOO/MOC LONG orders (They will always be executed.

    I also THINK there are 2 scenarios for short.

    1- MOO - There´s not been a tick so there´s no reason for your short not to be executed (No uptick rule involved)

    2 - MOC - Here comes the uptick rule....

    Again, this is what I THINK, I would also be very pleased to hear from someone who KNOWS. (perhaps Don Bright can look into it)

    Hope this helps
  3. prisma



    concerning the MOO SELL-order I already found, that here the uptick-rule also applies. For the "last tick" here the close-price of yesterday is used.

    But: Does it make a difference wether it is an order to close an open long position or to open a new short position ???

  4. H2O


    I don´t think so, but I didn´t invent the uptick rule either.......:mad:
  5. My first post here after lurking for a while.

    The market always open on an uptick regardless of what the previous day close was. You can short the open. If you want to short the open then put a market short sell order just before the open.
  6. 1. If you enter a "Short" MOC order, then the last trade of the day must be an uptick, or else the order is cancelled. It makes no difference whether it is an "opening" or "closing" trade.
    2. Uptick rules apply to Opening Only orders as well. For example, I send in all my opening sell orders market "sell short." If the the stock opens down from the previous day close, I would not be filled. Chances are my price would be higher anyway. It makes no difference whether it is an opening or closing order.
    3. MOO-Long, and MOC-Long orders should always be executed if submitted in time.

    Remember, we use limit prices on on our Opening Only orders, so don't get confused with "market order, opening only."

    Hope this helps....

  7. prisma



    thanks a lot !!!

  8. I was wrong on this bevore but when I CLOSE out a long position I do not sell short because I own it.

    So uptickrule do not apply to an SELL not Sshort order MOO, MOC or normal market for a stock that I own.

    So what is a "closing" SSHORT trade?

    If I have the stock in my account I sell NOT sshort

    wen I close an SHORT position I BUY????

    A little bit confused of here right now?????????
  9. If you have stock in your account, you sell "long" ....and mark the order accordingly. If you don't have long stock, or are trying to sell more than what you currently have, you must mark the order "sell short" matter what type of order it is (moc, oo, etc.).

    Yes, when you "close a short position" you are buying.

  10. prisma



    if I understand you correctly, we have the following 4 cases:

    # ! beginning ! action ! end
    1 ! 0 shares ! BUY 100 ! 100 shares
    2 ! 100 shares ! SELL 100 ! 0 shares
    3 ! 0 shares ! SELL 100 ! -100 shares
    4 ! -100 shares ! BUY 100 ! 0 shares

    The "uptick rule" does only apply to case 3. Not to cases 1, 2 and 4.

    Correct ?

    #10     May 13, 2003