What happens to a MOC if stop hit in last 10 minutes?

speculatus · Aug 18, 2007

Quote from the_whistler:

Hmm... Interesting. I thought the specialist would just cancel the order and that's it. Just curious, how big is such fine ?

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The fine is big enough to let the member firm adjust their FIX gateway to reject any client orders after 4:00pm

Don Bright · Aug 18, 2007

Quote from jsmith:

I have a Buy-Stop with two attached orders.
1. Stop-Loss if the Price goes down
2. Sell MOC if Stop-Loss isn't triggered

If any of the 2 attached orders execute, it should cancel the other order.

There was 1 day where the market took a dive the last 10 minutes and multiple orders stopped me out. The associated MOC order CANNOT be canceled in the last 10 mins so they executed.

The result was I net short on all the orders that stopped me out. Of course, the market goes up some afterhours with the sharp drop at end. I covered the orders for about a total of $1000 loss.
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If you would like to call me, I can perhaps offer a bit of help, there are some variables involved.

Don 702.739.1393

GoodMood · Sep 4, 2007

Quote from speculatus:

NYSE rule 123C:

In order to minimize excess market volatility that may be associated with large-size MOC orders that are entered near the close, and to allow sufficient time to attempt to offset large imbalances of MOC orders, there is a deadline of 3:40 p.m. for the entry of all MOC orders in all stocks on all trading days except for those orders entered to offset imbalance publications or on either side of the market if a regulatory halt is in effect at 3:40 p.m. or occurs after that time... Between 3:40 p.m. and 3:50 p.m., MOC orders are irrevocable, except to correct a legitimate error (e.g., side, size, symbol, price or duplication of an order), or when a regulatory trading halt is in effect at or occurs after 3:40 p.m., or to comply with the provisions of Rule 80A....

If you think you act according to these rules, but still have any problems with submitting your MOC orders, consult your broker.

BTW, if an exchange member (your broker) routinely violates this rule and submits wrong MOC orders before the close or market orders after the closed, NYSE will reject those orders and my fine the broker. It did happen in the past...
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Where can I find those >imbalance publications< of NYSE-shares ?

gm

shortie · Feb 3, 2008

Quote from speculatus:

NYSE rule 123C:

In order to minimize excess market volatility that may be associated with large-size MOC orders that are entered near the close, and to allow sufficient time to attempt to offset large imbalances of MOC orders, there is a deadline of 3:40 p.m. for the entry of all MOC orders in all stocks on all trading days except for those orders entered to offset imbalance publications.....
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could MOC orders to ofset imbalance (submitted after 3:40 or 3:50pm) be sent via IB?

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What happens to a MOC if stop hit in last 10 minutes?

speculatus

Don Bright

GoodMood

shortie