Day-Orders among timezones

, ,
1

Imported from previous forum

2

Hi all,

are there any rules (or best practices) regarding the ‘perspectice’ of a day order?

For example if a US customer sends a day order to a European broker at the end of US trading session how would the broker have to understand his ‘day’ order?
Or if an Asian customer sends a day order at the beginning of his trading day which will be just before midnight in Europe.

Thanks in advance.

Regards,
Carsten

3

The concept of a day needs to be tied to the business day of the broker or venue accepting the order. The business day may or may not be identical to the calendar day (system date). You do not even have to cross time zones to run into this issue.
For example, trading for the T-bond starts on Sunday late afternoon but this is defined by CME/CBOT as pertaining to Monday’s business day, i.e. the trading period runs less than 24 hours but across two calendar days.
Submitting a day order for an exchange that has already closed its current business day will either be rejected or queued and considered to be valid for the next business day as defined by the exchange.
Regards,
Hanno.

Hi all,

are there any rules (or best practices) regarding the ‘perspectice’ of a day order?

For example if a US customer sends a day order to a European broker at the end of US trading session how would the broker have to understand his ‘day’ order?
Or if an Asian customer sends a day order at the beginning of his trading day which will be just before midnight in Europe.

Thanks in advance.

Regards,
Carsten

4

Thanks Hanno.

Regards,
Carsten

The concept of a day needs to be tied to the business day of the broker or venue accepting the order. The business day may or may not be identical to the calendar day (system date). You do not even have to cross time zones to run into this issue.
For example, trading for the T-bond starts on Sunday late afternoon but this is defined by CME/CBOT as pertaining to Monday’s business day, i.e. the trading period runs less than 24 hours but across two calendar days.
Submitting a day order for an exchange that has already closed its current business day will either be rejected or queued and considered to be valid for the next business day as defined by the exchange.
Regards,
Hanno.

Hi all,

are there any rules (or best practices) regarding the ‘perspectice’ of a day order?

For example if a US customer sends a day order to a European broker at the end of US trading session how would the broker have to understand his ‘day’ order?
Or if an Asian customer sends a day order at the beginning of his trading day which will be just before midnight in Europe.

Thanks in advance.

Regards,
Carsten