Open Auction Executions

Discussion in 'Order Execution' started by Mike1301, Dec 1, 2017.

  1. Mike1301


    Following NYSE open auction Rules, first trade of all stocks has to be published precisely at 9:30:00, but 1/4 of stocks publishing first trades at 9:30:10+ (10 and more seconds later). Could you tell me how it can be?

    (sorry, English is not my primary language)
  2. Robert Morse

    Robert Morse Sponsor

    Where does it say that?
  3. Mike1301


    "At 9:30 a.m. ET, the Core Open Auction will execute at a single price"
    Maybe you know more about open auction schedule?
  4. Robert Morse

    Robert Morse Sponsor

    Yes but the open does not have to be exactly 9:30:00 a.m. ET. I could be wrong, but I'm not aware of that rule and why a specialist can't delay an open by seconds.
    Last edited: Dec 1, 2017
  5. truetype


    Rmorse is a saint...
  6. jharmon


    Sometimes several minutes. NYSE is a dinosaur. For some giggles check out the primary exchange open times on NYSE American (somewhat stupid name, was NYSE Mkt - a verystupid name, previously AMEX)
  7. d08


    It's actually beneficial for some traders because NYSE auction orders can be cancelled, NASDAQ's can't. NYSE auction is much more versatile and trader friendly.
  8. "Trader friendly" if you don't mind someone setting an open price to maximize his own profits...
  9. d08


    After so many years, I don't notice a loss for me but not a gain either. They do have to hit most of the liquidity though. I'll be smarter once I crunch the numbers.
  10. arbitech


    hi all,

    of course the first nyse trade take place when order feed imbalance is cleared or almost.

    but i replied to this post just to say that i noticed a new behaviour of predatory hft during that time. thoses craps can not participate to the nyse auction anymoore, now, 15 sec before open they send a fucking bulk of iso orders crossing the spread of 50 cents to buy. then guess what, auction take place at almost the previius close price and just after it gors to the heaven, see HT on 29!

    this is a tip for auction traders
    #10     Dec 1, 2017