What does 'Processing' actually mean?

Tried to order some UBER and for what seemed like ages (probably a min or two) it was stuck with a message, ā€˜Processingā€™. During this time the price soared and I was unable to cancel the order.

UBER is very liquid so Iā€™m wondering what would trigger this message; what does it mean exactly?

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In my experience it wonā€™t buy through your pie until the price has bounced, better to override it and buy it separately.
Iā€™m assuming this was how you did it

No, wasnā€™t through a pie, just normal mechanism.

It means IBs API is crappy and T212 still havenā€™t found a solution to resolve these orders so you can actually cancel them.

Itā€™s a pain with limit orders but downright scary when it gets stuck with market orders.

Especially when you play with penny stocks.

@David had mentioned a month ago they had something to test, I donā€™t know if that failed or not. And back to the drawing board.

I spent my morning watch KAT and itā€™s only just become cancelable.

If I had tried a market buy thereā€™s a good chance it would have executed at 2.3 rather than the 2.10

Hereā€™s the last one I documented

Iā€™ve personally checked your case & I can see that you order was processing for a minute, however, your order was executed at the price of the moment of placing. Weā€™re working on improving this delay which is related to the visual reporting of the order not the execution.

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@Martin, thanks; appreciate you looking.

Iā€™ve checked ('cos my recall is pants) and my records are at odds with your discovery.

The order was placed at 14:36 and filled a minute later, as you said, but the price it was filled (green dotted line) was higher.

UBER-Order-Delay-20201117112159

I think there is a case for saying that itā€™s not only a lack of visual messaging but also execution, too.

I offer this only to enrich your research.

I wouldā€™ve cancelled the order given the choice.

@phildawson I wrote a reply to you after reading the linked thread, but lost it.

In short, I think the above image shows itā€™s more than just an execution issue; itā€™s both that and a UI messaging issue, too.

Thanks for pointing to that thread, and I agree with you 100%.

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After a second thorough check, there is indeed a discrepancy in the placing & the filling price. Nevertheless, I can assure you that almost all of the orders are processed with this ,fixingā€™ā€™ in place. Having in mind the enormous volume of the processed orders which is constantly increasing, weā€™re striving to significantly improve the processing time in the upcoming weeks.

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Thanks @Martin, will keep an eye on.

It happened to me earlier. Put in a sell order which was ā€˜Processingā€™ for 3 mins. I canā€™t be sure the price it eventually sold for was affected because the 3rd min candle dipped down into the price I initiated the order on.

This thread doesnā€™t appear to have answered the original question which as I see orders processing for ages (far longer than a few mins, looking at one currently around an hour) Iā€™d quite like to know. I reloaded the site to confirm it wasnā€™t a UI issue.

What does processing mean?

Iā€™d guess itā€™s the point at which T212 is accepting and sending it to the exchange but please confirm so why should this take so long unless comms with the exchange are down?

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So T212 are making use of IB where they have an omnibus account.

When you place an order via T212 what should happen is.

T212 > IB API > IB > Exchange

then the exchange responds with a reference and to say itā€™s placed or rejected etc

Exchange > IB > IB API > T212

At this point if placed, you should see the spinning wheel change to a cancel/amend status.

Basically itā€™s IBs API being shit, and not giving a response back in a reliable and timely fashion. Or its failing to get to the exchange stuck at IBs side, and not giving a response back needed to cancel the request.

They have a solution in progress, but this issue has been going on forever.

Iā€™m hoping itā€™s resolve in 2020 to start the new year without it. Itā€™s not cool putting in a market order and having it stuck for a random time 5mins to 5hrs with a spinning wheel unable to cancel. Makes a significant problem when dealing with penny stocks where the price could have shifted 20% against you by the time itā€™s gets executed.

@Martin @David @George

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Thanks @phildawson, thatā€™s useful information and answers my question.