after hours orders not getting converted to stock exchange order

[hitesh shah]

Hi All ,

Of late I am experiencing frequent problem with my broker server that my after hours order instructions are not converted into valid stock exchange orders (4-5 times in a span of 2 months ) . As a result I dont get to participate in pre-open trades .Normally every day it gets converted at 9:00 am . But of late this problem happens (afterhours orders converstion to valid exchange orders ) and orders are sent to stock exchange @ at 9:20 or 9:30 which is very late and I suffer lot of my instructions get missed out in the initial 20-30 mins of the trade .

I have raised this issue with borker and they say they are working on it and it will take 2-3 days to resolve this .

To me this is simple issue and should be resolved immediately and should not recurr again .

I wish to know other board members experience in this and also feedback as to any broker who has very good record in order execution space (importing order from csv file , proper participation in pre-open etc ) .

Please share your experiences and feedback on this .

 

[hitesh shah]

Any feedback on this .

This has happened 6 times in 2 months for me . And there is no sight of permanent resolution of the same.

 

[princy01]

Most of the guys here including me must not be knowing what are you talking about

Can you please explain how all of this works, when it works?

 

[OneThatGotAway]

solution is Change broker

Or
Keep a normal buy order ready and moment u see first price change press enter
that way your order be in exchange by 9:00:05 sec

Yes thats possible my fastest time was 9:00:05 sec

 

[hitesh shah]

solution is Change broker

Or
Keep a normal buy order ready and moment u see first price change press enter
that way your order be in exchange by 9:00:05 sec

Yes thats possible my fastest time was 9:00:05 sec

First option is definitely not feasible in short time .

The 2nd option also is not feasible because I have 80+ order instructions in the morning and keeping / monitoring 80+ quotes/ pressing enters etc is just not feasible in short time.

 

[hitesh shah]

Most of the guys here including me must not be knowing what are you talking about

Can you please explain how all of this works, when it works?

You can keyin the order in the morning @ 8:45 am . But the market pre-open starts @ 9:00 . Till the market starts , it remains with broker and at market pre-open @ 9:00 am , broker system forwards our orders to nse for participation in pre-open and executes the order if pre-open rate is suitable ( and keeps it pending if pre-open decided rate is not suitable) .

The problem is that order instructions keyed in do not get in NSE system by 9:00 am sometimes (6 times in 2 months ) . It gets in NSE system somewhere around 9:30 am .

The problem is the number of instructions keyed in are high and the instructuons keyed in can not be cancelled during open market (it can be cancelled when market is not open) . So due to this I loose on rates during first 30 mins and at times manually , I may end up with double quantity of the order (as original entered @ 8:45 am can not be cancelled).

Hope u now u now understand the problem.