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, ‘Processing’. During this time the price soared and I was unable to cancel the order.

UBER is very liquid so I’m wondering what would trigger this message; what does it mean exactly?

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In my experience it won’t buy through your pie until the price has bounced, better to override it and buy it separately.
I’m assuming this was how you did it

No, wasn’t through a pie, just normal mechanism.

It means IBs API is crappy and T212 still haven’t found a solution to resolve these orders so you can actually cancel them.

It’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 don’t know if that failed or not. And back to the drawing board.

I spent my morning watch KAT and it’s only just become cancelable.

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

Here’s the last one I documented

I’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. We’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.

I’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.

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

I offer this only to enrich your research.

I would’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 it’s more than just an execution issue; it’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 ,fixing’’ in place. Having in mind the enormous volume of the processed orders which is constantly increasing, we’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 ‘Processing’ for 3 mins. I can’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 doesn’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) I’d quite like to know. I reloaded the site to confirm it wasn’t a UI issue.

What does processing mean?

I’d guess it’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 it’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 it’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.

I’m hoping it’s resolve in 2020 to start the new year without it. It’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 it’s gets executed.

@Martin @David @George

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Thanks @phildawson, that’s useful information and answers my question.