The 30-year US treasury bond had a significant sell-off over the past few days. It will be interesting to see whether this is a start of a larger sell-off in the autumn, or whether this is just a simple profit-taking exercise:
I had another trade execution in an issue, but probably the most frustrating thing on the planet is when you have your order in, the price gets touched, and you get a fill in for 100 shares and then the market backs away from your price. It is more annoying that this happens than if the order was never touched at all. Hopefully the market will be a little more generous next week.
Why not use an AON order then?
AON orders are at the whim of the market maker – they are not obligated to fill AON orders at NBBO.
Example – let’s say something is bid/ask 23.5/23.7, size 10×10. If you have a size 5 AON order to sell at 23.6, somebody could buy 10 at 23.7 and it is possible you could not receive a fill. Without the AON flag, filling in your order would have been an obligation if there was a print at 23.7.
I would never do an AON order. Historically they probably were there for saving a commission if a trade was split between days, but with Interactive Brokers’ commission scheme this is now irrelevant. Even with Questrade, the penalty really is only five bucks for the commission.
Yeah — I remember that caveat. I’ve never used them as it doesn’t bother me to get a partial fill, but was just throwing that out there.