Opening orders by TDAmeritrade and Just2Trade

Discussion in 'Order Execution' started by sloth, Mar 27, 2009.

  1. sloth


    Just noticed, with some price paid, that TDAmeritrade and Just2Trade execute opening orders differently.

    For TDAmeritrade, MOO or Limit orders submitted before market open are always routed to Nasdaq and you always get Nasdaq opening cross price.

    For Just2Trade, these types of orders are routed to the primary exchange, which means for NYSE listed stocks the orders are routed to NYSE and get NYSE opening price. I was told that I can get Nasdaq opening price for NYSE stocks by submitting limit orders and instruct them to be routed to Nasdaq --- I appreciate if someone can confirm whether this is true or not.

    Can anyone tell me why different brokers could handle these types of orders differently? And which one should be considered "correct routing practice"?

    Thanks in advance!