offer on brut

Discussion in 'Order Execution' started by doji, Feb 17, 2004.

  1. doji


    Ok here is probably a simple question for the experts out there,

    I've been watching sbux all day here, and in the last five minutes the tape is showing best offer at 38.78 on brut 1100 shares. for the next five minutes until close the market is trading all over this offer, so obviously my question is why didn't this offer fill?
  2. sprstpd


    I am not an expert, but I have two guesses. A bad quote perhaps? Or an iceberg order that always shows 1,100 shares?
  3. The other trades you saw were likely taking place with direct routing to other ECN's. I spoke at length yesterday with a couple of BRUT rep's (at the show), and we happened to chat about the routing.

    Those of us with Redi or similar systems can click on BRUT via our drop down box, and then route to it. If we don't the "Smart Routing" will not go to BRUT...but end up at the best price that we are enabled to route to.

    I couldn't tell for sure what you saw happen, but this is my guess.

    Hope this helps..,

  4. H2O


    Or BRUT might have had some technical issues, causing "sticky's" These are quotes that are not updated....

    Refreshing your L2 might help in this case. Ive seen this happening on almost all routes.
  5. qazmax


    This is a common occurance that I find often throws people.

    Lets say there is some offer in the world is out there.... say $50.00 and it resides on an ECN with routing features.

    (Current bids is 49.99)

    Stocks trades a bunch at 50.00 even a couple of prints at 50.01 and 50.02... how can this sell order not be filled?

    It did not trade at your ECN... or it did trade at your ECN and there is stock ahead of yours.

    Even if your ECN routes orders away, it will only do so when the bid matches the offer or vice versa.

    It can trade on any ECN or with any market making firm a million shares right through your price and you are not guaranteed (or due) a fill.

    In short you should try to get your order the most market exposure as possible.

    If you want that price/time priority protection, trade listed stocks on an exchange. But every location has its short comings...

  6. alanm


    More than likely, it's just a stale BRUT quote. I've been seeing this on BRUT for the last week or so. Anyone know what's going on over there? Do they know about it and are they doing anything to fix it?