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Where is my buy stop-limit order located?

Personal Finance & Money Asked by miran80 on April 29, 2021

Current stock price is $9 and I want to send in a buy limit order for $10.10 after price reaches $10.05? When I create and submit such order, how close to the exchange does it get before it stops pending the price change?

  • Is it kept on my brokers server?
  • Market maker server?
  • ECN server?
  • Or actual exchange?

Will it trigger as soon as stock is traded at $10.05 or when there is 10.05 on the bid/ask?

I believe there is no way others can see such pending orders or do specific brokers resell this information as well?
I understands that when the stop price is "hit", such order is transformed in a normal limit order but I wish to know how much latency is there between such order and the exchange and if there is any FIFO-like queue for pending stop-limit orders?

Edit:
Turns out these orders are long gone. https://www.marketwatch.com/story/nyse-joining-nasdaq-in-eliminating-stop-orders-2015-11-18

So that eliminates exchanges as possible final destinations of such orders.

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