Anyone have the docs on cancelling NYSE near the close? I remember having a prob a while ago, but not lately.
Are you sure it wasn't limit-on-close order? You cannot cancel MOC/LOC after 3:50pm, so you got executed at the close price.
This does not sound like IB's fault at all. If you had cancelled the order a couple of seconds earlier, you would have seen red. You were just late enough that the NYSE specialist included your order in the final trade of the day. The pink indicated that IB sent the cancellation to the exchange but had not gotten confirmation. Usually the final trade will be within a minute or so. But in an extreme case, I've seen it 10+ minutes after the close.
Ok. I also wish someone would have a thought as to whether or not the exchange in such situations are merely matching ALL orders that "barely made it" of if it's up to them, which orders they want to execute, and which they will cancel (hence, room for them to take advantage...)
What was the $ size of the order? If it was for $100k, they most definitely would try to take advantage of you, that's the way the game is played. If it was for $100, your imagination is running rampant.
They weren't taking advantage of you. At least, no more than usual. It's the job of the specialist to match the buys and sells and to use their own funds or share inventory to maintain an orderly market. You can avoid this by not directing orders to the NYSE.
I have to agree with th others about the NYSE. Once they get rid of specialists, then you will have better control over your orders. You just got caught up in the closing print. If you have experienced similiar problems with trading NASDAQ or CME, then it is the inefficiency of IB. Trading at the close is tougher than one thinks, and that goes for all exchanges, even the electronic ones. Example, I submitted a short mini ES put order during the 3:55 to 4:00 PM EST segment of the Globex last week. BTW, the true closing segment of the Globex for mini ES is 4:10-4:15 EST, but it is not as busy. Anyway, I submitted the order, and I get a "pending" notice. I know that I have sufficent margin, so that is not a problem. I waited about 10 minutes before I received a "fill" notation--and I was filled at the limit price I submitted. So, I called technical support to see if my platform was malfunctioning. It wasn't. They had no idea as to why there was a delay. Well, think about this. I submitted my trade on Friday. The 3:55-4:00 PM EST segment of the trading on Friday is probably the busiest, so I assume I still have to "get in line." Fortunately, I was able to place my hedge in time during the 4:05-4:15 segment. Lesson to be learned--probably best to trade a little earlier than the close, and that includes cancellations of roders as well.