TWS Market orders fills at the open.

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

  1. saico



    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!

  2. saico


  3. 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.
  4. 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)?
  5. evo34


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