Irby,
Have you heard how their system will be working their stops?
I wonder if its just an 'autoexecute' which when it sees a Bid or Last at your 'stop' price, it becomes a market sell order? How do you chase bids, if necessary? Not that you want to do it, but if theyhandle via. soes, then it might get rejected if a non-soes eligible player (ecn) goes to the bid, or if the bid steps up, it kicks out soes orders. I think they must do it via a proactive ECN, but even then, I think that ARCA and REDI dont chase bids..that is, they arent market orders per se, but market orders that become limits at bid/offers...i've always hated this about REDI...i once entered a market order to sell a few grand of INTC...didnt realize that it actually becomes a limit at the bid...you have to manually adjust the order and keep adjusting as bids may fall..(if you are chasing bids).
Anyway, just curious. For orders under 2, 3k, being on a mm's book, (one mm, not the whole world) usually gets you your 2k at that bid when it hits your stop. Otherwise, you are usually selling into a falling market which usually results in a bid or two lower.
Regards,Steve |
