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Steve2

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Subject : IB Order Execution When Shares Not Available
Posted : 11/19/2013 9:03 PM
Post #27620 - In reply to #27484

There has been some discussion in other threads about what happens to orders to short stock that is currently unavailable. I've clarified this with IB customer support and here is their response:

"If you submit a market order to short stock that is currently unavailable at that time the system will continue to work to fill that order when more shares become available if the orders have not been canceled or expired. It will be distributed on a first come first serve basis. Market on Open orders are only good for the opening print so due to this Time in Force this order would not continue to work after that specified time."

I've had good success submitting market orders to IB prior to the market open. Slippage has been slightly positive (beating OV entry/exit prices) with the caveat that I trade very liquid stocks (Avg Daily Vol > 1M shares). On the few occasions that IB has not had shares available to short at market open, my market orders remain in force and have always filled (usually within the first hour of trading). Whenever this situation occurs, I get an email from IB indicating that the order did not fill at open and that they are looking for shares. So, I have the option of cancelling the order through TP or TWS. To date, I've just let them fill late and that has not caused any problems. So, if you have an issue trying to short unavailable stock, you might consider configuring TP to submit market orders prior to market open rather than MOO orders.

Steve

[Edited by Steve2 on 11/19/2013 9:06 PM]

Deleting message 27620 : IB Order Execution When Shares Not Available


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