My broker, Brown and Co., said I must have my on opening orders in 20 min. before the opening to be sure of getting them exicuted. Is this true with IB and others. What time do any of you place these orders? Thanks; JJ
at IB you can put your orders in right up to open -- seconds I suppose, depending on stock/specialist Mark
It's not an exchange rule. I still have orders going in as the bell goes off. You can put oo's in for stocks with delayed openings after the market has opened as well.
I start to place my open only orders at 9:15. I also place open only orders a couple times a week after the market opens for stocks that have delayed opening due to an order imbalance. My accounts are with IB and tradestation that i place open only orders. Good luck, there are some very fast gains and losses with open only orders.
Definitely not I don't enter orders till 6:15 Pacific Coast time or 15 minutes before the bell. The S&P futures are still trading before this time. The 20 minute rule is on Market on Close orders not open and than MOC orders can still be placed if there is an imbalance Robert
I thought so. Thanks for the info. So all MOC orders have to be in by 3:40pm est unless there is an imbalance on the NYSE. jj
And MOC's cant be cancelled after 3:40. Although they will allow you to cancel and usually give you an out, the NYSE can fine the firm for it.
NYSE rules of time constraints do not apply to ETF's: Market-on-Close/ Limit-At-The-Close Policy/ Pre-Opening Price Indications Policy - Orders in ETFs are not subject to the Exchange's Market-On-Close ("MOC")/ Limit-at-the-close ("LOC") policy concerning order entry limitations, cancellation of orders during a regulatory halt, imbalance publications, and any other limitations or procedures with respect to MOC/LOC procedures. A MOC/LOC order in an ETF can be entered at any time without regard to the limitations of the Exchange's MOC/LOC policies. In addition, the closing price of an ETF will not be subject to publication of imbalances under the Exchange's MOC/LOC policy. Similarly, the Exchange's policies regarding mandatory dissemination of pre-opening price indications (other than ITS pre-opening notifications) in the case of significant order imbalances and potentially large price dislocation from the prior close would not apply to ETFs. Both the MOC/LOC procedures and the mandatory pre-opening price indications policy are intended to solicit offsetting contra side interest to minimize price dislocation. This rationale does not apply in the case of ETFs, which are derivatively priced in relation to, among other things, the values of the underlying component securities, regardless of the extent of an order imbalance.
If you wait until the last second for your opening order, you may not get filled. By exchange rules, the specialist has 2 minutes to fill an order. So, if you put your order in at 9:28:01 and the specialist opens at 9:30:00, then he doesn't have to fill you. I've seen this happen, and usually when it does, it's the order you wanted most. To keep it from happening, you're best of putting them in by 9:28:00
Cash, Thanks for that excellent piece of information! I feel like I've been following the OO discussions/threads very closely, and I hadn't seen that before. This is great to know.