posted
Hello, Im new to this board and have some questions that perhaps someone would be so kind as to answer.
Level 2 Quotes:
What is it that the different colors mean? These being the green/pink/white.
Filling Delays:
I think it would be best to provide an example to best understand this question. This is a micro penny stock.
I have put in an order at xAM EST for 'y' amount of shares at 'z' price. The daily volume is in the hundreds of millions. This order is an all or none limit order. The share price of this equity has spent most of the day AT the limit price I set (in 20-60 minute intervals), however 4 hours have passed and my order has STILL not been filled. I check Level 2 Quotes and orders are being filled for less and larger than my 'y' amount.
I understand that other orders take priority over all or none limit orders. What makes this confusing for me, is that several minutes (up to 30mins) pass w/o any trading (the last trade is 30 minutes before the current time). So I figure in this time my order could have been processed, but it hasnt.
Does anyone know what the possible reasons may be. I have contacted my broker and there are no problems on their end.
Phoenix
posted
Yeah, other orders I think are given more priority over AON, and the other killer is the queue. When you place an order, you get dumped in the queue. If there's a lot of people that placed orders ahead of you on the stock that you're trying to buy or sell, they have to be taken care of first or skipped over before they get to you. I imagine also that some brokerages are faster at getting orders filled by their market makers than others..
The Bigfoot
posted
Another problem with AON's is the share size. If your AON isn't a convienient size it will be ignored cause the MM's would have to work to make it fit.
I.E. An AON order for 16k shares is placed. The MM has 20k to liquidate. He could fill the AON and then spread the remaining 4k elsewhere but if their isn't any orders that approximate that size he won't want to do it. Especially if the MM already holds all he wants of that particular stock. Than he won't want to take the chance he will not be able to get rid of those extra shares.
I'd suggest you take your chances and let em fill it piecemeal with a GTC. There is always the chance that your order will be half filled and carry over to tomorrow but if the stock is liquid, your size is reasonable, and the price is right then you shouldn't have problems.
posted