Lets see what we can make of it...
re: ""at 4:42 est i put in an order to purchase cpq in the after hours at 40 13/16. my t/s tells me that 35,400 shares printed at that price at 5:01 est (on the nyse; isn't the nyse supposed to be closed)."
It could have been a late print or a missed print from earlier in the day, or infact your times and sales were off and you are looking at midwest time (whichever time zone is one hour back) and the 35k was the closing piece on the NYSE.
"Should i be a part of that order or was that a late print?.
After hours you typically have no standing, most trades occur in the third market or fourth market and it becomes more like the OTC market, with differnet market makers. Did it leave stock ahead? ask your broker to call floor and get an exact answer as to what happened. you should have an answer in about 5 minutes. I am sure the specialist knows exactly what happened particular with a stock the size of CPQ.
"furthermore, if i had put in a market on close print, do i get the 1:00 nyse close or the last print of the day even if it ocurs much later?
You get the closing price. The specialist usually waits a few moments to minutes and slaps up one big print at one price. you dont get after hours prints , you dont get any pcoast prints two seconds later...what you get is that last piece on the NYSE...usually noticable by the size.
"as a rule of thumb, how can you tell if the print went off on instinet or one of the listed exchanges? "
Put a "dot n" , CPQ.N or WDC.N or CPQ.T CPQ.P for the various exchanges (atleast on my system its that way). CPQ.N gives you NYSE quotes only (open, highs, lows, etc). CPQ.T gives you third markets. CPQ without a qualifier gives you a consolidate (the highest of the highs, lowest of the lows..I still have never figured out what they use for opens and closes, though you should only look to NYSE for market opening prices).
"also, who is trading listed stocks on the instinet terminals is it the specialists or primarily mms dealing in a listed issue (rather than otc). also do you know the hours of the different exchanges and what are the hours for instinet transactions (can you trade at anytime if you have access to a terminal and someone else wants to cross with you)? any help would be appreciated.
"When dealing in afterhours when you can not force a market maker or exchange to do the trade, it is only by the consent of two parties. Thus after hours unless you get a market maker interested in aposition, you have deal with ECNS. After hours in listed, you can go to the Pcoast or third market.
There is a lot to it, but this is a good start.
Have a nice night.
-steve@yamner.com |
