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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.

The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed income can be substantial. Options are not suitable for all investors. For more information read the "Characteristics and Risks of Standardized Options". For a copy click here.

Your capital is at risk and your losses may exceed the value of your original investment.

Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Conduct Authority. FCA Reference Number 208159.

Interactive Brokers LLC is regulated by the US SEC and CFTC and is a member of the SIPC (www.sipc.org) compensation scheme;
products are only covered by the UK FSCS in limited circumstances.

Before trading, customers must read the relevant risk disclosure statements on our Warnings and Disclaimers page.

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