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Richard....
If you give a stop loss order on IOM, let's say at 10 7/8 gtc, the broker will
enter the order per your instructions. The broker will give it to the
specialist who makes a market in IOM who will enter the order on his book.
That is the only place the order will be. If the stock trades below the stop
loss price on the PSE (after the NYSE closes), the order will not be executed
by the specialist. Hell, he is off with his chick-a-dee having cocktails and
"doing other things." The next trading day say the stock opens at 8 on the
NYSE. That kicks off the stop loss and it becomes a market order to sell.
If the order was a stop limit, then the specialist has an open order to sell
at 10 7/8.
If you ask your personal broker to hold the order on his desk in Des Moines
and watch the stock trade in all the different markets and when he sees it
trade at the stop loss price to enter the order to sell, and he says he will,
that broker is stupid and most likely headed for a lawsuit. Any broker in his
right mind would not accept responsibility for such an order. If he is in the
crapper and the stock trades through the stop price, can he be held
responsible? No way!!
When you give a broker an order, he enters it per your instructions. That is
the only way it can be. I have had brokers hold orders for me, but I agreed
to no
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