Order executed over 4 minutes after close!

Discussion in 'Retail Brokers' started by Option Trader, Feb 5, 2008.

  1. I cancelled the order a few seconds before the close, then the order executed over 4 minutes after the close, which is the time registered by IB, and the final price on the stock. Is this the way it's supposed to be? If not, is this IB's fault or the exchange's fault?
  2. What was the stock, and what order type did you enter?
  3. It trades on NYSE, and was a limit order.
  4. What was your "Time In Force" set to when you entered the order?
  5. Good point, it was placed to as GTC plus extended hours--however, I cancelled it a few seconds before the close... It showed pink (not a confirmed out), but it seems the system?? NYSE?? took over 4 minutes to think about it!
  6. Go to "View->Audit Trail" in TWS, find the order in question, and make note of the order ID number, then search for all entries in the Audit Trail with the same order ID number. This should give you more info on what exactly happened to the order, when cancellation was acknowledged etc.
  7. I saw clearly pink and not red, i.e. it was not a confirmed out. The issue is that it took 4 minutes for IB? or for the exchange? to think about it--then the order was executed!
  8. What sounds like happened is that you waited until the last few seconds to cancel, and they held your order until the final print. Sometimes, the final print comes several minutes after 4:00 as they take time to match up orders and determine the final price. Now, if it had printed on NYSE a few times in between your cancel pending and the fill you got, that would be a different story.

    Kind of stinks, but I've seen it happen.
  9. Yep, that sounds exactly like what happened. If it was anywhere near the close, you probably got put into a closing "print".

    That having been said, there have been times when the "que" at the NYSE has gotten overloaded ( servers melting down like last Summer 10 minutes before a Friday close ) and it took SIAC an hour to announce that they "Cancelled" all of the orders that were in the "que".

    They said that they never made it to the Specialist post.
  10. Ok, thank you all.
    Is there any room to suspect that they send the order through if it's to one's own detriment? (A similar example: if you send odd lot orders, which doesn't have to be posted, they take out the order usually when it's to your detriment).
    #10     Feb 5, 2008