Delayed OTC prices and execution

⚖ Active trading
1

Hi

So as I understated it there are 2 types of price quotes that can be displayed in trading apps. Real-time and delayed. Which can usually be seen just under the price.

I have invested in Trulieve on the OTC market through 212 and the quotes I am looking at in trading apps are all delayed, as I understand usually by around 15-20 mins.

That said there is no reference to this in 212 so I took the price stated to be the purchase price (give or take very minor fluctuations) as long as the order was executed fairly quickly.

I placed an order at 14:18 when the price was stated to be $44.6 but it executed at $47.8! The price in 212 didn’t go above $44.7 an hour before and after the time of execution, so why was the execution price so high?!

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T212 is the real time ASK and BID

You had placed a market buy before open (2:30) but it now attempts to fill those.

However looking at Tradingview which shows trades I can’t see your TOTV @ 47.97 so that’s odd to me.

@David @Rumen I can’t see this trade in the books.

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1 Like
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So up until today the OTC market opened at 14:00, rather than 14:30. And as of today that was extended to 13:00. Either way the market was open and I can’t see any explanation as to why I was overcharged.

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The OTC markets still open at 2:30 btw

It’s just that T212 has access now to the pre-market.

So they allowed 1 hour before 1:30 and it’s looks like they now support 1pm onwards based on your screengrab

5

Ok, if that is the case the UI is very misleading. It literally just says the market is open at 13:30 with no mention whatsoever of premarket or market open at 14:30. There is no way for users to know how their orders will be executed.

I’m also none the wiser about why it executed so high. Do you or the 2 people you tagged in your first message work for 212?

Thanks for your help on this.

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I don’t I’m just a customer that tries to help out when I can but in this case I can’t see a 47.97 trade. And it’s not a case it’s off book.

The two people I have tagged do work for T212 though @Rumen might be able to spot, but if not @David could fire up the Bloomberg terminal to find the actual trade.

The T212 app only shows the ASK or what is being asked. So it’s just indicative of the best ASK (buy) at the time.

Still it’s cheaky as hell if the ASK was actually 44.5988 and the trade was done at 47.97. Not that T212 does the actual trading. They just place the market order to await filling.

The only key way to avoid the situation is only do limit orders

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Problem with limit orders on those venues is they take forever, but I agree, I am doing limit buy only now

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Good question. I was thinking the same. So does this mean. It’s the US market is opened for us at 1pm or 1.30pm and it really opens up at 2.30pm.??

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US Eastern time

Pre-market is 4 a.m. to 9:30 a.m.

Normal hours 9:30 to 4pm

After hours 4pm to 8pm

so if you are in the UK GMT

Pre 9am - 2:30pm

2:30 - 9pm

After 9pm - 1am

So T212 are providing a bit of access into that 9am to 2:30pm (UK) pre-market. It’s now back 1pm but could go back to 9am if they provide full premarket access.

What everyone also wants to see is after hours too. On all stocks.

Here the purple is showing last night’s AH that I can only spectate :neutral_face: and :crossed_fingers:it doesn’t turn sour or in this morning’s PRE.

It’s why we see sometimes large gap ups and down on open because it shifts outside of normal hours.

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Ok got it, I also found this which explains the “extended hours” mentioned in the notification we received about the OTC market.

So that only leaves me with 2 questions.

  1. Are there any plans to reflect that in the UI and make it clearer to users. (I’ll put in a feature request).

  2. Why did my purchase execute way higher than any price shown in 212?

11

Well the ASK shown in the app is just indicative so the trade can happen above, below or exactly that with a market buy.

However I can’t find your trade that took place at almost 48 at 2:18 PM (UK)

The only trades I can find at that time is 44.52 at 2:15 PM (UK) and then 44.52 at 2:22 PM (UK)