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LSE and broker orders

  • 11-09-2013 12:48pm
    #1
    Dubh Geannain
    Registered Users, Registered Users 2 Posts: 3,580 ✭✭✭


    Hi. This is a simple question I'd guess for the pros. I don't have level 2 so can't see the volumes on the bid and ask sides of a market but I can see the bid and ask prices on both the LSE website and on my online broker account.

    How accurate are the stated bids and ask prices? I'm asking because I placed an buy order between the spread today and the spread never narrowed to reflect the new bid. It wasn't filled anyway. I'm talking about a time period of half an hour where my my didn't seem to appear.

    Thanks.


Comments

  • #2
    gordongekko
    Registered Users, Registered Users 2 Posts: 5,301 ✭✭✭gordongekko


    Dubh Geannain wrote: »
    Hi. This is a simple question I'd guess for the pros. I don't have level 2 so can't see the volumes on the bid and ask sides of a market but I can see the bid and ask prices on both the LSE website and on my online broker account.

    How accurate are the stated bids and ask prices? I'm asking because I placed an buy order between the spread today and the spread never narrowed to reflect the new bid. It wasn't filled anyway. I'm talking about a time period of half an hour where my my didn't seem to appear.

    Thanks.

    if it wasn't filled why would it show up?


  • #3
    Dubh Geannain
    Registered Users, Registered Users 2 Posts: 3,580 ✭✭✭Dubh Geannain


    gordongekko wrote: »
    if it wasn't filled why would it show up?

    I'm not talking about the executed trades, I'm talking about level 1 information.

    The bids and offers are those orders that are yet to be filled and to me it looks like these are stated on the LSE site.

    I placed an order above the current highest bid but it didn't appear on the bid side.


  • #4
    simongurnick
    Registered Users, Registered Users 2 Posts: 1,919 ✭✭✭simongurnick


    Dubh Geannain wrote: »
    Hi. This is a simple question I'd guess for the pros. I don't have level 2 so can't see the volumes on the bid and ask sides of a market but I can see the bid and ask prices on both the LSE website and on my online broker account.

    How accurate are the stated bids and ask prices? I'm asking because I placed an buy order between the spread today and the spread never narrowed to reflect the new bid. It wasn't filled anyway. I'm talking about a time period of half an hour where my my didn't seem to appear.

    Thanks.

    The level one bid and ask is generally the best bid and ask from all market makers, so essentially the bid could be from one market maker and the ask from another.
    If you put in a bid between the spread and it did not reflect then it was probably due to the number of shares. Generally the exchange requirement would be to only reflect quotes in round lots of 100 shares.
    Was your order for 100 shares?


  • #5
    Dubh Geannain
    Registered Users, Registered Users 2 Posts: 3,580 ✭✭✭Dubh Geannain


    simongurnick wrote: »
    The level one bid and ask is generally the best bid and ask from all market makers, so essentially the bid could be from one market maker and the ask from another.
    If you put in a bid between the spread and it did not reflect then it was probably due to the number of shares. Generally the exchange requirement would be to only reflect quotes in round lots of 100 shares.
    Was your order for 100 shares?

    It was for far more than 100 shares.


  • #6
    simongurnick
    Registered Users, Registered Users 2 Posts: 1,919 ✭✭✭simongurnick


    Dubh Geannain wrote: »
    It was for far more than 100 shares.

    But was it a round lot of 100 or an uneven number of shares?


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  • #7
    Dubh Geannain
    Registered Users, Registered Users 2 Posts: 3,580 ✭✭✭Dubh Geannain


    simongurnick wrote: »
    But was it a round lot of 100 or an uneven number of shares?

    A nice round 1,000.


  • #8
    simongurnick
    Registered Users, Registered Users 2 Posts: 1,919 ✭✭✭simongurnick


    Dubh Geannain wrote: »
    A nice round 1,000.

    That's strange. Maybe your broker holds their orders in house for a while.

    Or you can get a market maker keeping it off the books to see if they can snatch a bit of the spread...of course you'll never be told that for sure.


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