I just read this comment on the chatter area which worried me a little
by Alexander Watzdorf :
"When you see that the market gaps up you can put in a market order before open on C2 and you get yesterdays closing price in the statistics…nice :)"
I’m guessing it ain’t so but could someone who knows confirm if there is any truth to that? (in any market)
Also if anyone is aware of other ways that can be used to compromise the integrity of reported stats please tell.
Thanks,
Dimitri
Dimitri I trade ETF’s. All of my orders are put in before the open. Never have I gotten yesterdays close. If you did you could put in a fix request and it will be fixed within a couple of hours. Usually sooner. Rick Haines
As a general rule, it’s simply not true. There are some cases (pit-traded futures, usually) where the “opening” trade happens very late in the day (for example, a thinly-traded futures contract that “opens” at 10:30 AM ET may not actually trade until 11:15, or whatever).
In these cases, C2 may wrongly use a stale price. But as Richard says, a simple fix request by the vendor (or a subscriber) will have the wrong fill corrected pretty quickly.
Incidentally, if the system is autotraded, then C2 will use the real-life autotrade fills instead of any interpolated values, which makes this issue moot in those cases.
It’s still true on holidays, unless that bug has been fixed since the last one, or when a commodity is halted limit up, in theory C2 still allows you to trade it. Obviously in practice if you have subscribers it would soon be discovered.
I should add before any of the bloodhounds on here try to accuse me of benefiting from such a discrepancy that the reason I know the limit up bug exists is because it happened to me. I was long Wheat or Beans, something like that, and it was locked limit up pretty early and closed for the rest of the day, I wanted to sell it at the next day’s open so knowing it should be impossible to trade entered a sell at market order assuming it would be filled at tomorrow’s open but it was filled instantly as C2 takes the last available price during normal market hours. Somebody could easily game this if they wanted to build a false record but obviously you couldn’t if you had subs already.
They don’t “close” trading if something is limit up. Watch a market depth display. What happens is that bids keep building, but the occasional sell order will definitely fill. Why not? I’ve done it many times in my personal trading account - closing a long position in a limit up market.
Hans.
Apologies, I’ve written that incorrectly, regardless of what it was my point is it was a trade that in real life would have been impossible to fill but C2 in taking a stale price allowed it and I had to have it cancelled and re-entered for the next day. I guess it would be if you are trying to trade in the same direction as the limit down or up, that’s what I meant.
