Routing to island for a limit on open order doesn't always fill??

Discussion in 'Order Execution' started by Sky123987, Jan 6, 2009.

  1. Could this be correct, I place a limit on open order on island and it is 9:40 est and the thing is not filled or cancelled, so I ended up just cancelling the order myself

    did something go wrong?
  2. Was your bid below the opening print? In order to get filled on an OPG order, you have to be within the envelope to get swept into the opening print.
  3. thing was it wasn't filled or cancelled
  4. trom


    If I send OnOpenRash, and it's not filled, it will convert into a normal NSDQ limit order. I'm not sure if this is my platform (Anvil) or done on Nasdaq's side.
  5. What platform are you on, and how exactly (step-by-step) did you submit the order?
  6. ah, I'll have to check on that it doesn't convert to a lmt order. I trade on Genesis
  7. NASDAQ has a "DAY" order type which will participate in the opening cross and, if not filled in the opening cross, will become a DAY limit order on the NASDAQ book. This is probably what you sent, and what is probably confusing you is that in Laser's Pending orders window this order type shows with an "LOO" identifier next to it, even though its not really a true LOO order. If you're trading through the API, try setting the TimeInForce (TIF) to zero to get a true LOO order that will fill or cancel on the opening print
  8. excellent thanks for the tip