why did this not get executed

Discussion in 'Order Execution' started by ChrisMMM, Sep 25, 2007.

  1. I placed a buy limit order for SGP before the open at $31.40, the stock opened $31.34. I was not filled?

    Isn't this suppose to be filled?
  2. rwk


    Only if you use a limit-on-open (LOO) order. Any other type of limit, and the specialist can ignore it.
  3. Surdo


    A normal LIMIT order above the opening price must be executed!
    An opening only or MOO order with a limit higher than the opening print must be executed as well. Call the broker and have him ask the specialist.

    What kind of order did you enter exactly?

    The stock opened at $31.50 on the NYSE FYI!

    e s
  4. rwk


    Not so. The specialist can ignore it (or not, his choice) if it is not MOO or LOO. If it is LOO, the specialist can also fill all or partial. Both have happen to me.

  5. Surdo


    I worked on the NYSE floor for 5 years......perhaps the rules have changed, it has been a while?

    My recollection is a REGULAR limit order entered preopening gets paired off in the market order cue if it "marketable" above/below the opening price.

    I am fairly confident this is the case. A limit order that opens on YOUR limit might get a partial fill, you have to get filled if your limit is higher than the opening, otherwise they would have to open the stock higher. Think about it, it's logical!

    No need to debate this, perhaps Don Bright will settle this.
  6. This is not the question whether the specialist chose to ignore MOO/LOO or not. MOO have to be executed unless the stock is halted. LOO get executed up to the stopped price (after the specialist finished pairing and the imbalance hit the book).

    Another question is: if your limit order wasn't send as LOO, right after the open print it should become marketable (based on the numbers you've posted) and you should get filled.
  7. Sorry Just I told my girlfriend to post this while on the phone she totally got it wrong

    SGP: $31.54

    OPENING PRICE $31.50

    This order was not executed
  8. it was just a regular buy limit order
  9. sorry about that.

    So ?

    if you place an order before the open say a buy limit order @ $50 on a nasdaq stock and the price opens @ $49.99 are you filled?
  10. I'm truely sorry! Seriously, but I thank you for your help.
    What would the case be say if it were a NASDAQ stock
    #10     Sep 25, 2007