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NYSE Closing Auction D-Quote Orders

IB is now offering enhanced execution services for customers seeking greater flexibility, execution speed and enhanced representation during the NYSE closing auction.

TWS's new integrated access allows customers to send discretionary quote orders (D-quotes) electronically to IB's designated NYSE floor broker. Floor brokers have always had the ability to manually represent customers during the NYSE closing auction. The challenge was in the manual nature of customers phoning in orders and the relaying of instructions to execute the order type. The difficulty in scaling this manual process hindered what is a distinct trading advantage.

With SEC approval, floor brokers now rely on handheld technology and a suite of e-tools, including D-quotes, to work customer orders during the NYSE closing auction.

Sending a market order to IB's new NYSEFLOOR destination will enable you to receive the closing print price. Limit orders routed to NYSEFLOOR destination will also receive the closing print if the order is priced at, or better than, the closing auction price.

Products Availability Routing TWS
Stocks US Products Smart Attribute
Non-US
Products
Directed Order Type
NYSEFLOOR Time in Force
Destination
Direct routed to NYSEFLOOR
Open Users' Guide

Notes:

The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.


Floor broker D-quotes

  • Improve the efficiency and speed of closing orders.
  • Increase transparency around the close.

Unlike MOC/LOC orders that must be entered no later than 3:45 and cannot be canceled or modified, floor broker D-quotes are much more flexible and can be:

  • Transmitted up until 3:59:25 pm (nearly 15 minutes later than MOC/LOC orders).
  • Entered on either side of the market – regardless of the published imbalance. D-quote order flow is hidden in the NYSE closing imbalance feed until it is published at 3:55 pm. Customers have the opportunity to cancel their order if they see that they are on the wrong side of the imbalance.
  • Modified and/or canceled at any time up until 3:59:25 pm.

Customers interested in sending closing orders to IB's floor broker should contact their sales rep or the IB help desk. IB will configure your Trader Workstation to add NYSEFLOOR as a destination for your orders.

Important Considerations

  • Market and limit orders sent to NYSEFLOOR are only for the closing auction and will not be executed by IB's floor broker prior to the close.
  • Because of the nature of manual representation by floor brokers, you are not guaranteed a complete fill (or any fill) in the closing auction.
  • Customers using IB's tiered commission structure are not charged exchange or ECN fees; floor broker fees will be passed on to customers.
  • Floor brokers are independent of IB.

Interactive Brokers Canada Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and Member - Canadian Investor Protection Fund. Know Your Advisor: View the IIROC AdvisorReport. Trading of securities and derivatives may involve a high degree of risk and investors should be prepared for the risk of losing their entire investment and losing further amounts. Using borrowed money to finance the purchase of securities involves greater risk than using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines. Interactive Brokers Canada Inc. is an order execution-only dealer and does not provide investment advice or recommendations regarding the purchase or sale of any securities or derivatives. Our registered office is located at 1800 McGill College Avenue, Suite 2106, Montreal, Quebec, H3A 3J6, Canada.


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