Question about Limit Order on Market open

🤝 Help
1

Hi, this happened to me today, and i don’t quite understand why. Could someone shed light on it?

I put a Limit Sell order with € 14 on DTAG DE0005557508

I was filled almost instantly before the chart actually moved. But the initial print was about 14.20. Now why does this happen? I always thought the Limit order means that it will be sold at “market price” for 14 or higher, but in any case not below market price. Or am i missing something?

That said - if i had put the order to let’s say 10€ . Would i have been get filled on € 10 ?

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2

A limit sell means it must be 14 or higher

A limit buy means it must be 14 or less.

A market buy give me the best ask at the time

A market sell give me the best bid at the time

If you had a limit sell at 10. Then you would have got a sale at 10 or above.

If you had 15 limit sell instead, then it wouldn’t have executed until it reached at least 15.

3

The data on Xetra website records the first trade of the day as at a price of 14.08 at 08:00:49.

So it looks like at 8:00:00 the market price was indeed almost the same as what you received. Presumably your order was filled on a trading venue (off Xetra), where at 8:00:00 someone was prepared to buy from you at 14.03. From what I can see in the Xetra records, the share did not trade above 14.20 on Xetra until 09:03:48.

4

I’m assuming if they scroll down further in that transaction it was filled off-book.

5

Hm, okay then O might have been just unlucky, but still strange, because I was already looking at a chart on another broker and it was already printing at more than 14.10, before the chart updated on T212.

Would a “Market order” at exactly 9.00 have given me possibly better results in this case?

Could you please explain what that means? I wondered about this word when looking at the filled resume. “Traded on a Trading Venue TOTV” vs “OTC” which sometimes happens as well. There seem to be a difference from stock to stock.

Thanks

6

TOTV means that the shares were bought through the stock exchange the shares are listed.

OTC is an off the book deal done by connecting say another T212 customer or T212 themselves in the case of fractional and value orders.

Also remember you have two things the best ask and bid. And price the last trade was done at (either a buy or sell)