Someone steals my fill for one hundredth of a cent (as per TRF)

Discussion in 'Order Execution' started by stdy, Apr 27, 2012.

  1. stdy


    My stock buy order was the only one at the inside price (bid $17.10, routed to Nasdaq, thinly traded stock). Then I see an execution (as per Tradestation time and sales) of over 1000 shares at $17.1001 on TRF (FINRA's Trade Reporting Facility, apparently). Earlier today I routed an order to BATS, and there too somebody stole my fill for a hundredth of a cent.

    Who is stealing these fills, and more importantly, is there anything I can do to prevent it? (Note: I placed the order through IB, not Tradestation; I mainly use Tradestation for platform purposes. IB is generally very good about fills, and I don't suspect any funny business on IB's end.)
  2. That is the good thing about IB, they seem trustworthy.

    IB has a lot of ways to enter an order, maybe not all of them can be done via the API, not sure about that. Sweep to fill, etc.. maybe you could pay two one hundredths of a cent for the privilege of getting filled or do something like that.. Just my two cents really, I trade futs and pricing is in quarter points..
  3. Bob111


    where have you been? this s*** going on for like 5-7 years on every stock in US..called subpenny orders. search google for more info
  4. stdy


    Bob, thanks for the link. I never realized how common the practice is.
  5. Bob111


    sure...welcome to my house of can be right about the price and direction 100 times each and every day..but there is no guarantee that you will get even a few shares at your price...i've been saying this for many many years-US markets are FUBAR..for a decade or so there is no single regulation been made in favor of average joe. all in favor of WS. how fair this is ,when they can place subpenny orders and you can't? when they can place 47K useless quotes per second on single stock without any intention to buy or sell anything and you can't?
    if SEC really 'for people' they should and can ban this subpenny shit overnight. but they choose not to. cause they all owned by WS. ALL OF THEM. this is just one perfect example for you,to understand,who is really running this country.
  6. the problem is getting filled on the bid for buys or ask for sells, not taking liquidity. If you want shares, they are easy enough to buy , you just have to pay the offer.

    Not sure what the complaint is about getting filled.
  7. KeLo


    Hi stock777:

    I think the complaint is that the broker can step in front of us with a sub-penny bid which we aren't allowed to do. It's not a level playing field, but then it never has been has it?
  8. zdreg


    There is always inequality in life. Some men are killed in a war and some men are wounded and some men never leave the country. Life is unfair.
    Quotes by John F. Kennedy
  9. KeLo


  10. I believe NASDAQ does not allow subpenny orders (can anyone here confirm or refute this?); so route your trades only to NASDAQ.
    #10     Apr 28, 2012