NYSE Kills ‘Land Mine’ Order Type Some Blame for August Mayhem

Discussion in 'Wall St. News' started by dealmaker, Nov 26, 2015.

  1. Sig

    Sig

    What do you mean "the ceiling to be changed"?
     
    #11     Dec 1, 2015
  2. d08

    d08

    #12     Dec 1, 2015
  3. ktm

    ktm

    I'm sure that feature will be in the next software release.
     
    #13     Dec 1, 2015
  4. d08

    d08

    From my chat with IB I understood that it won't be because it's the exchanges that are trying to kill stop orders. I hope you're right though.
     
    #14     Dec 2, 2015
  5. ktm

    ktm

    Coming from the broker, the exchange never knows whether the order being presented is a freshly keyed order, or one being created as a result of a stop being hit. To them, it's just a limit or market order.

    It seems silly to me that IB would have a structure in place that tightly limits an order price then forcing interaction with customer service to change it for each order. I get that people need to be protected from unintended consequences - and themselves - but having the power to change order parameters is ubiquitous in TWS.

    To me, this seems like simply another safeguard in TWS that the user should be able to adjust. I can't imagine they envision taking all these customer service contacts to perform this function.
     
    #15     Dec 2, 2015