Odd priced stock price fills

Discussion in 'Trading' started by traderich, Feb 3, 2007.

  1. Anyone else getting odd priced fills on NYSE stocks?

    I understand that stocks are now priced by the penny instead of the 1/8, but I don't understand why I am getting these bizarre fills. Is it just me?

    I wonder if it my broker or some institutional firm I am on the other end of a trade with.

    I assume it must be an institution on the other end, I can't see any individual entering in their limit orders to the 100th of a penny!

    The stock prices are showing up to the 100th of a penny.

    I am getting some stocks at prices like this:

    Some are buys and some are sells. I think some were market and some limit orders too. I am doing 100 to 500 lot orders too. Not odd lots.

    MIL 74.647
    MIL 74.5401
    MIL 75.4325

    SPF 29.7599
    SPF 29.6801

    AXL 22.1875
    AXL 22.2801
    AXL 22.3001
    AXL 22.5899
  2. At least those oddly priced lots are in your favor. I've had that happen to me too, but only when my order gets routed to an ECN - it happened the other day to me on NE. I assume someone is shaving off those thousands of a penny to get ahead line... it's kind of odd, but inconsequential, and it saves me pennies, so why should I complain?
  3. Your orders are broken into different pieces which are filled at different prices against different opposing orders. The resulting average price is then reported to you as the execution price of your entire order.