Newbie question

Discussion in 'Order Execution' started by zeptoon, Nov 23, 2005.

  1. zeptoon


    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?


    do minimum 100 share orders to avoid this kind of problem
  3. mnx


    you got scammed.... the high of the day is 58.54.

  4. zdreg


    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.
  5. mnx


    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$...

  6. zeptoon


    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
  7. mnx


    where did you send your order? what trading platform are you using?

  8. qazmax


    Willing to bet you got filled pre-market on an ECN.

  9. zeptoon


    thanks for your replies, i'm using interactive brokers and i sent it to SMART. it wasnt was probably around 10:30 am EST.
  10. alanm


    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.
    #10     Nov 23, 2005