NYSE cancel at close question

Discussion in 'Order Execution' started by stock777, Nov 18, 2005.

  1. Entered an order to cancel a sell limit that was placed just before the close on NYSE. ( A regular limit order, not a limit on close)

    The cancel was sent at exactly 4pm. So it got to the NYSE just a tick after the official close. The cancel was never accepted.

    I got filled as part of the closing print 1 min 30 seconds later.

    Now, my question is, what exactly is the rule on that? Is any limit order that is in the queue at 4PM held and executed if its within the closing print, even if a cancel is sent? I'm suspecting they don't accept cancels past 4pm sharp.

    If so, does anyone have a reference in print to the rule? If not, I may want to a redo ( a little late, I know).
  2. alanm


    I think 4PM is unrelated. Presumably, your order was marketable, or became so, sometime before you sent your cancel. They don't ever have to accept a cancel, since they will likely already be arranging a trade that includes you.
  3. damn, only one reply. Thanks alamn.
  4. as previously stated, your order got matched up by the specialist for the MOC print and thus it couldnt be cancelled. if the MOC print was away from your limit order, it should have cancelled.
  5. Yeah, I figured that. I wonder if you can cancel at say 10 seconds to close. You should be able to.
  6. The nyse doesn't accept any orders or cancels after 4:00. If you sent it right before the bell, you would have been canceled.
  7. qazmax


    I think it is really more like this...

    It is likley that your broker turns its line off at 4:00pm EST.

    The exchange can receive cancellations past 4:00pm, but your broker (to make programming easier and order handling) likely turns off ability to route there at 4:00pm.

    This is why some brokers cannot trade the 15 minute window on ETFs after the close. They simply turn the lines off at 4:00pm.

    Sad but true....

  8. No , the cancel did get sent, it was simply not accepted. They might close the line at 4 as well.
  9. Who's your broker? It might not have made it by the close, sometimes the lines get busy and and orders slow down. Some dot providers slow down on busy days because all their clients are sending order about 30 seconds or so before the close. It can delay orders but just depends on how crappy your broker is. But if it wasn't that then maybe your broker shuts their lines down at 4 and your cxl was rejected. Or you were too late to cxl because it was 4pm when you sent it. Anyway, send the cxl earlier next time to get an out. Or just send IOC's :D
  10. I'm pretty sure it was my fault sending the cancel at the last moment. I hate trading so close to 4pm for this very reason.

    It cost me small money, just wanted to get my facts straight for the next time.

    I know I missed a chance to say my broker sucked, the games rigged, and who do i sue. ;-)
    #10     Nov 22, 2005