Today I submitted an order to buy 1 share of VWO at market when it was 58.05. My fill came back a few seconds later at 59.05 but the price was still 58.05... is this some kind of penalty for submitting so few shares?
a trade of less than 100 shares is not included in the day high or day low. round lot shares (100 etc. 200 etc.) have priority.
right i knew that, and they don't show up in the T&s either... but it's far enough above the high that I figured it was a scam... my .02$... mnx
i figured doing 100 shares would avoid this problem...but does anyone know what actually happened? i was surprised i could get a fill so far away from the market
thanks for your replies, i'm using interactive brokers and i sent it to SMART. it wasnt premarket...it was probably around 10:30 am EST.
On what exchange was it filled (from your execution reports)? IB, at one time, had a prohibition against opening an odd-lot position in NYSE/AMEX stocks. I'm guessing that, instead of rejecting the orders, they now send them to ARCA or INET, where there was someone offering $1 above the AMEX offer. What doesn't make sense to me, though, is that I don't think a market order is supposed to route to an ECN, or if it does, it's supposed to be simulated as a limit order that is a small amount through the NBBO (i.e. not $1). It would be good if you would ask IB to clarify what happened here (and tell us). You do realize that, by buying 1 share, with a $1 minimum commission, you're already giving up 1.7%, regardless of fill quality? I'm assuming this is a retirement account of some kind, and you're regularly buying with new contributions. You'd really do better to buy more shares less often.