ICE exchange rules and strategies

[tradetree]

I recently ran into an obscure exchange rule for the ICE exchange. They state that if you have a market order you may not code it as "GTC." I use GTC orders because I will enter trades right at 4:00PM that I may hold for several days. These orders can get filled after hours (hopefully the next few seconds actually). If they are coded "day" then they will immediately get cancelled because 4:00PM is the end of the day. Now I already pressed my broker on why they have this rule, but so far this is what I have for information. At least one individual from ICE was on the line to assert this rule. I have yet to research the rule myself, but let's say in theory this is the rule. How is this situation supposed to be handled in a strategy? I can't use "GTC" because the order gets rejected by the exchange. I can't use "Day" because the order gets cancelled at the end of the day!

[NinjaTrader_AdamP]

Tradetree,

I am happy to assist.

Please try resubmitting the order right after the cutoff (4pm) every day.

Please let me know if I can assist further.

[koganam]

I recently ran into an obscure exchange rule for the ICE exchange. They state that if you have a market order you may not code it as "GTC." I use GTC orders because I will enter trades right at 4:00PM that I may hold for several days. These orders can get filled after hours (hopefully the next few seconds actually). If they are coded "day" then they will immediately get cancelled because 4:00PM is the end of the day. Now I already pressed my broker on why they have this rule, but so far this is what I have for information. At least one individual from ICE was on the line to assert this rule. I have yet to research the rule myself, but let's say in theory this is the rule. How is this situation supposed to be handled in a strategy? I can't use "GTC" because the order gets rejected by the exchange. I can't use "Day" because the order gets cancelled at the end of the day!

Use OnOrderUpdate(). Check for the IOrder to be in cancelled state, and if it is at 4:00PM, and your MarketPosition quantity has not changed, resubmit the order as a market order.

[tradetree]

So does anyone think the rule is odd, or is it just a typical type of problem that others have seen? Does anyone have experience with reading the rule books put out by the exchanges?

[koganam]

So does anyone think the rule is odd, or is it just a typical type of problem that others have seen? Does anyone have experience with reading the rule books put out by the exchanges?

Read your broker agreement again, and you will realize that the exchanges are pretty much a law unto themselves. There is supposed to be some regulatory oversight. Notice that I put emphasis on "supposed"?

[sledge]

nothing related to ice exchange, but on TD Ameritrades iStockManager (now TDA mobile trader?).. anyways.. GTC is not listed as an option in Market Orders.

Of course, TDA doesn't allow market orders last I checked after hours, as that is dangerous.

limit, stop mkt, stop limit, t-stop %, t-stop $ are valid for GTC's.

a few years ago,Berkshire Hathaway Inc. (BRK-A)trade went $10k over close in after hours, and it didn't appear to be warranted.

I recently ran into an obscure exchange rule for the ICE exchange. They state that if you have a market order you may not code it as "GTC." I use GTC orders because I will enter trades right at 4:00PM that I may hold for several days. These orders can get filled after hours (hopefully the next few seconds actually). If they are coded "day" then they will immediately get cancelled because 4:00PM is the end of the day. Now I already pressed my broker on why they have this rule, but so far this is what I have for information. At least one individual from ICE was on the line to assert this rule. I have yet to research the rule myself, but let's say in theory this is the rule. How is this situation supposed to be handled in a strategy? I can't use "GTC" because the order gets rejected by the exchange. I can't use "Day" because the order gets cancelled at the end of the day!