TWS Market orders fills at the open.

Discussion in 'Order Execution' started by saico, Mar 18, 2011.

  1. saico

    saico

    Hi,

    today I had to send some odd lot market orders for NYSE stocks shortly before the open. I have my TWS only to send and execute orders between 9.30am and 4.00pm est. Default order routing is SMART. I was wondering why my orders didnt execute immediately right after the open, since I did not route to NYSE exclusively where I had to wait for the specialist to open the stock. So it took 3 minutes till I got my fills. Any ideas?

    Thanks in advance!

    saico
     
    #1     Mar 18, 2011
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  2. saico

    saico

    Pump
     
    #2     Mar 19, 2011
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  3. evo34

    evo34

    SMART routing will route to primary (NYSE in this case). If you want to route an on-open order in an NYSE stock to Nasdaq (rarely a good idea), you have to specify exchange.
     
    #3     Sep 11, 2011
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  4. saico

    saico

    Thanks Evo34,

    what about Nasdaq stocks? In my case 100% of my OPG's for Nasdaq stocks get filled thru Island. Is this the primary exchange here (ECN)?
     
    #4     Sep 11, 2011
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  5. evo34

    evo34

    Island = Nasdaq. So, yes, SMART-routed orders with Nasdaq-listed stocks will route to Nasdaq for the open.
     
    #5     Sep 11, 2011
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