NYSE question

Discussion in 'Order Execution' started by praetorian2, Mar 28, 2003.

  1. Hey, quick question.

    I tried to short 400 cyh moc today. I was not filled even though the order was in at 3:30. I was told that there were 100k shares ahead of me, even though the print was 2m+.

    It was always my understanding that the reason for market imballances is so that the specialist can tell the locals and add liquidity. Isn't the specialist supposed to print everything in the cue and add liquidity as necessary out of inventory?

    Thanx in advance,

  2. i thought so too. whats the use for a moc order if they dont have to fill it.
  3. DaveN


    Yeah, this doesn't make sense. A Market order by definition should guarantee execution. Given that this was a short, and the close was on an uptick, it sure seems like you should have gotten the fill, even though shorts have a lower priority than straight sells. I'd definitely look into the details of that transaction....
  4. I bitched a bit at IB. They said that there were orders ahead. We all know that is the typical NYSE bull response. I said that I am positive that MOC gets me filled no matter what. Is there some way that I can push this and get my fill?

    It was 400 shares, so I don't care about the money. It is the principle!!
  5. WinSum


    Assuming it was the Specialist at fault, you can file a complaint by writing to:
    NYSE Inc
    30 Broad Street
    New York, NY 10005
    Attn: Market Surveillance

    But if it turned out that the Specialist never got the MOC order because it is IB's fault, you probably have no recourse. I seen the waviers that IB have their customers sign before opeing an account. You basically signed away all your rights.

  6. Dustin


    P2 I put my moc order in at 3:58 and got filled. Ask IB how that is possible.
  7. shneed


    Why not just place a market order 15-30 seconds before the bell, usually get the closing price.

  8. I thought I had....

  9. You probably didn't have the capability to put a MOC order in. The only way that you can't put one in is because you were too late putting it in(but you weren't), the curb is in, or non-firm qoutes. You may want to double check if you really did put a MOC order in or not. If you did enter in time then you should complain to your broker and get the close.

    Also note, if you wait till the last minutes or seconds before the close to try to get the close you are also taking chances of stock ahead because all those MOC orders take priority over you.
  10. Ebo


    You may not enter a MOC order after 3:40. If you do it gets rejected. The ONLY way to be guaranteed the MOC price is with a broker in the crowd willing to pay higher than the closing price or sell lower than the closing price. Some specialists will let you in on the print if it does not dramatically affect the close. Putting an order in over DOT 'near" the bell is taking your life into your hands if news comes out or you do not know the MOC pairoff look. I once missed the 3:40 cutoff so I figured just DOT the order. The company was on its way into the
    S & P........oops! I managed to convince the Broker to take the UGLY report.
    #10     Apr 1, 2003