Understanding Order Entry Parameters

What this video covers

• How all-sessions classes use an 8:00 p.m. Eastern Time previous-day opening, while regular-hours-only classes open at 7:30 a.m.
• Why the entry window differs from the after-close cancellation window for resting GTC and GTD orders, including the 5:15 p.m. normal cutoff and 11:45 a.m. observed-holiday cutoff
• How the one-bid-and-one-offer limit applies per EFID per bulk port for a series or complex strategy, not per firm or price level
• Why the system receipt timestamp, rather than the time a user transmits an order, controls its place in the queue
• What OPRA receives from the exchange: aggregate display-eligible size at the best bid and best offer, not full book depth or an individual participant's size
• The difference between ADF FINRA certification based on reasonable peak-volume forecasts and ATS time-sequenced records containing 16 required fields
• The four automatic steps for an automated quotation when an immediate-or-cancel order arrives: execute to displayed size, cancel the remainder, respond to the sender, and update the quotation