PSE only accepting closing orders fri 4/5

Discussion in 'Options' started by the_dude, Apr 6, 2002.

  1. Tried to hit a bid in a fairly illiquid market for NYSE equity option. Posted by PSE, repeatedly tried to hit, but despite the order being confirmed live by TWS, PSE would not take it.

    Called IB, after ~30min finally got an answer from PSE - they were only accepting orders to close positions - no opening orders accepted, period.

    The simple solution to this problem - in TWS order sheet, selected "close." Then it was accepted right away at the bid price, despite the fact it was a short sale.

    No one at IB cust svce could explain this.

    metoox? You seem to be the options guru here - can you tell me why it was close-only, and where this information might be available prior to placing an order?
  2. I have no idea, how is that for a change; I do remember we had 5 or 6 open positions @ 3:00 and two of our traders had a hard time going flat, but I don't remember where they were trying to get out at.

    I have never heard that one, but they come up with new ones all the time.
  3. The Dude,

    You got my curiosity up, just checked our trade logs and we got out @ the PSE on Friday; we currently aren't doing opening orders there, so all these trades are closing.

    That is bizarre.
  4. mskl


    I got fills on a total of 12 opening orders at the PSE on Friday

    what option gave you this problem?
  5. It isn't unusual for the an option series to be limited to closing orders only if the underlying is being delisted by the NYSE and will trade on the Pink Sheets. For example, ASW now ACLNF went closing only effective April 3. I have also seen closing only declarations in some bankruptcy cases. Otherwise, I have no idea.