Questions tagged [order-execution]

Order execution is the process of accepting and completing a buy or sell order in the market on behalf of a client. Order execution may be carried out manually or electronically, subject to the limits or conditions placed on the order by the account holder.

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US stock market: How do odd lot orders get filled if they are not advertised to the public?

I recently asked Why didn't my buy limit order become the highest bid? when my odd lot (1 share) buy limit order did not appear in the public list of bids. If odd lot buy orders do not appear in ...
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85 views

Do customer orders have higher priority than market makers' orders in the US OTC stock market?

In the US OTC stock market, do customer orders have higher priority than market makers' orders? For example, a market maker is bidding on stock S at $10 for 100 shares. Assume that this is the highest ...
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57 views

After hours matching

I put in an after hours sell order, well below the standard hours and after hours ask, on a liquid Dow futures security. The transaction did not complete. I looked in the ledger detail and found that ...
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221 views

Is there any evidence that zero commission stock brokers are cheaper than those that charge commissions?

Trading costs can be divided into explicit costs and implicit costs. The explicit cost is the commission charged by the stock broker. The implicit costs are the price impact of the trade, and the ...
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41 views

Does the Regulation NMS Order Protection Rule apply to odd lots?

The order protection rule prohibits trade-throughs of NMS stocks during regular trading hours, but does the prohibition apply to odd lots too? If I decide to bid $408,500 for 1 share of Berkshire ...
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130 views

Can brokers execute my OTC stock orders at inferior prices by "trading through"?

I am aware that FINRA-registered broker-dealers have to follow FINRA Rule 5310 (Best Execution and Interpositioning). But are OTC stocks (OTCQX, OTCQB, OTC Pink) subject to the Order Protection Rule ...
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30 views

Why enabling do not reduce DNR order prevent me from trading futures and forex?

When I asked my broker to enable DNR -do not reduce- order, he inform me that to enable that I will not be able to trade futures or forex anymore? What is the relation between them?
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32 views

Using third party platforms to execute trades

Newbie here. I know that one can go to the trading exchange site to create orders for trades (I would like to create margin-based orders) that go into the Exchange Order Book. It seems - however - ...
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What is the disadvantage for trading stocks with access to real time data for only one exchange (Webull on Nasdaq)?

There is no realtime data for other exchanges like EDGX, ARCA, BATS, etc for Webull. I'm a bit concerned about this because if were a scalp trader, I would want good execution when reading the level 2 ...
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30 views

US stock market: are odd lot market-on-close (MOC) orders guaranteed to fill at the closing price?

Suppose I place an odd lot market-on-close (MOC) order for a listed stock. If the order is filled, is the fill price guaranteed to be the closing price of the trading day? Or is the broker allowed to ...
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24 views

Singapore: do stockbrokers have to send all orders to SGX?

Suppose I have an account at a stock brokerage firm in Singapore. If place an order to buy or sell one lot of shares, will my order be sent to the stock exchange (SGX) and get executed there? Is it ...
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39 views

How are stock brokers' order routing reports useful to the retail investor?

The SEC requires stock brokers to regularly publish an "order routing report" †. I see that Robinhood has published its report for Q4 2020: RHS SEC Rule 606 and 607 Disclosure. What are ...
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87 views

Is front-running allowed under PFOF?

I'm reading this introduction to PFOF. https://centerpointsecurities.com/payment-for-order-flow-guide/ It claims that those buying flow are allowed to front-run that flow. For example, if a customer ...
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1answer
128 views

How can I compare the order execution quality between two brokers if they don't follow the Financial Information Forum (FIF)'s template?

As explained in https://www.stockbrokers.com/guides/order-execution (mirror), the information present in SEC Rule 606 reports don't allow to compare the order execution quality between brokers. As a ...
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1k views

Outstanding order in the Selling process in Degiro

If I sell my share with Order duration GTC (Good till cancelled), the order will became an Outstanding order. When it will be active to sell? Do I need to make any action to continue the selling ...
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1answer
47 views

Does the difference between a marketable limit order's price and the bid-ask price influence the priority of the order?

A stock is $10 bid and $11 offered. Alice places a marketable buy limit order with a limit price of $12 per share. At exactly the same time, Bob places a marketable buy limit order with a limit price ...