- Oct
- 26
- 2006
- 10:22 AM
Q&A: Waiting for a cancel
- By: Ray Pellecchia
- File Under: NYSE, NYSE
A reader on the buy side asks:
Will the cancelling by specialist differ now on Hybrid? I was sending out orders on GLW today and it still seemed like they took more than 5 seconds to cancel. Shouldn't they cancel automatically? Or is there a difference when the stock hit LRP [Liquidity Replenishment Point]?
Thanks for all your helpful and timely answers so far :).
-- Lukas Ostrowski
Lukas -- Specialists don't manually confirm cancellation requests. They didn't before Hybrid, and they don't in Hybrid. The system processes the cancel request. However, if the specialist is in the process of reporting an auction trade, the cancel request is queued until that trade is completed. That might explain the 5 seconds. If an auction trade is not being reported, your request is processed instantaneously by the system.
Thanks for writing, Lukas! And thanks to a Hybrid-Building Colleague for this answer.
Comments
Another Hybrid-Building Colleague e-mailed to say this might also be a situation where the order was shipped through the Intermarket Trading system, and the cancel is pending the response from the other market.
by Ray Pellecchia on October 26, 2006 11:25 AM
Comment on this entry
Forward this entry to a friend