Tag Info

Hot answers tagged

8

The flickered orders are postonly bid at 15.16. The exchange slides it back to 15.15 to avoid a locked market. Submitting firm sees the slideback and cancels. Then tries again. When the 15.16 offer is executed or cancelled out, the offer moves to 15.17 then the postonly bid at 15.16 goes through at the targeted price and gains good queue position.


6

I think there is a straightforward answer to this: The associated costs of changing trading hours need to be justified by the benefits. Exchanges, regulators, and large market participants such as banks, hedge funds, buy side long-only funds very closely communicate and weigh pros and cons when considering changes to trading hours. Obviously motivations ...


5

Each venue will allow diferent order types, and will have different matching rules (the queue positions you mentioned), so this is not general to the whole market, but this is a paper from Nyse that is pretty much explains most of the order types I have heard of: http://www.nyse.com/pdfs/fact_sheet_nyse_orders.pdf Also, one factsheet/regulation from the ...


4

Repeating groups are a way for FIX to represent arrays. A "number of" field prepends the repeating group to alert the recipient how many elements to expect. For example, Arca uses TradingSessionID (tag 336) to identify pre-open (P1), primary (P2), and post-close (P3) market hours. This group is prepended by NoTradingSessions (tag 386). So, I would use the ...


1

ECN is a regulatory status in the US, like MTF (Multilateral Trading Facility), and soon OTF (Organized Trading Facility) are in Europe. "Crossing network" is a generic term used to describe a pool where brokers cross orders of their clients. The broker can choose to apply or not for the ECN (or MTF) status. On the one hand it is more "transparent" for ...


1

No, it doesn't have to do with time frames. It's a protocol feature designed to enable something akin to nested data, whether for more compact data transmission, or just to allow one to adhere to rules of semantic sense. Take market data requests, for example, i.e. retrieving the current market depth for a certain instrument. Not only would sending one ...



Only top voted, non community-wiki answers of a minimum length are eligible