[SOLVED] Fractional Orders (almost) always execute at subpar prices?!

So fellow investors and traders.

I’m trying to trim down my portfolio and consolidating my investments. I had almost 10 pies and now I’ve half left.

I’ve seen that a good number of orders I enter to sell or buy fractionals, even with very healthy liquidity, execute at subpar price points. Prices which weren’t even touched at that minute or second.

I’ve Level 2 and other tools on my other brokers and I almost always struggle to find and understand why did my order execute here?

I know fractionals are in-house / OTC, but where do they derive their value/quotes from? Last Sale? Or NBBO?

How does their order engine give us quotes for fractionals?

I wonder if they release their execution quality reports on fractionals, comparing to NBBO, it would be awful, I’m assuming?

I opened a ticket with the support a month or so ago, the agent was uninformed and either deliberately gave me generic responses or was just plain unknowledgeable. Then he had the audacity to close the ticket. I opened it again but to no help so I just closed it because I was tired of it.

Today and recently it happens more and more to me. In the past I was executing everyday 100s of pie trades. I wonder what kind of prices did I get?

Please share your feedback!

@saifali Feel free to DM me with additional requests but looking at your most recent orders, everything seems 100% NBBO. Not once did you receive a subpar price, even by a single penny.



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Thanks @David , so is it correct that you use NBBO to fill our fractionals at NBBO Ask/Offer, and not at Last Sale?

Also, would it be possible to add ‘second’ to the order execution time stamp in the history?

Thanks again! :pray:t2:

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@saifali Always filled on best bid & offer, 100% of the time, no matter the order type. :+1:t2:

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@David This please :pray:

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@David my order to sell SNPS.NQ today was executed at 269.71$ where as the stock wasn’t even near this price, in the last 3-4 days!

I checked the time and sales, it doesn’t seem to have touched that price, which is 6-7$ below what it should have been…