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"Neil Jon Harrington" <njh@xxxxxxxxx> wrote:
> I may have missed your point about this being an example of Lind
> Waldock being a good broker.
Yes you obviously did !
> This story seems to indicate that they
> didn't know what was going on since their time and sales was
> inaccurate.
There is not such thing as 'their time and sales' - but only one and
that is ought to be correct, therefore it gets adjusted by the
exchange after discovery of missing or bad trades.
> What if this went the other way and you had a bad loss
how could it ? - if I have a SELL at xxx.20 and its higher- even I
know Im done and take the risk
> because of the same inaccurate data?
again - its not inaccurate data !
> You would have been asking them to eat it.
ofcourse not - if its higher Im short at my price, if I dont know
such things I shouldnt trade..........
> If they did, that would be the sign of a good broker.
forget it
> One other thing was very puzzling. How do you account for the fact
> that your data feed didn't show the trade
its was not reported by the exchange, thats the CME, not DBC nor LIND
and therefore NO datafeed in the world would have had that tick !
> and LW's time and sales
again, its not theirs, but the worlds !
> didn't show the trade?
how could it, before the exchange themselves report it - obviously
someone,either seller or buyer reported it - therefore the exchange
updated the records to be correct - they INSERTED the tick - DBC and
BMI can never show such things after the fact.
> If your order was a day order, you may not
> have called to cancel it. Then unknowingly, you would have been
> filled and carrying a position overnight!!
yawnnnn, see above - it couldnt happen and aswell they call ya on
fills - may be some time later, but they do
> Or am I misunderstanding something?
might be
> Neil Harrington
rgds hans
>
>
> -----Original Message-----
> From: hans esser <he96@xxxxxxxxxxxxxx>
> To: TomB and/or Roz <roztom@xxxxxxxxxxxxx>; omega-list@xxxxxxxxxx
> <omega-list@xxxxxxxxxx> Date: Sunday, March 29, 1998 7:04 AM
> Subject: know a HONEST brojker ? was Re: NY Markets/ Tom Cathey
>
>
> > This may be of interest to those getting started
> > with the NY MKTS:
> > One of my worst experiences with a New York Mkt
> > was when the cotton market came down missed my
> > stop by a few ticks and then exploded my way. As I
> > watch what seemed to be a profitable trade develop
> > i got a report that i was stopped out at the low
> > of the day. Time & sales showed that my stop had
> > been missed then a trade was "inserted" and I was
> > the low trade. Some floor trader stole my trade.
>
> Tom, sorry to hear that !
>
> Im not sure whether that is NY MKTS problem or your broker or just
> bad luck - could be all !
>
> As I keep tooting its not comish alone but honesty what counts with
> ones broker - let me give you a prime example
>
> I placed a S&P sell order with my broker to sell at xxx.20 MIT. I
> allways do MIT's as dont want to see that my tick trades and to be
> in doubt whether a LIMIT order is done or not. That was at the time
> of the old contract size, with 0.05 tick increments.........
>
> At the time the price was some 200 or so below.....went to my xxx.15
> - traded up and down and a total of eight !!! times at .15 - sure I
> assumed to get done soon - NOPE, never dealt at 20 and backed off
> and dropped 500 points - hovered around that level. You may assume I
> was angry, but that the name of the game.
>
> I thought I might be lucky and missed that tick on my datafeed (yes
> grasping straws) so called my broker and asked friendly to check
> their T&S - checked and confirmed that I was NOT filled, never
> higher than xxx.15 - 1/2 hour later it was late in the day - I
> called to cancel that MIT as I wanted to call it a day - few minutes
> later they called back and said "to late to cancelled - filled at
> xxx.25" - so that was even 5 points higher than my order - I was
> really confused and said "but we checked T&S" - they rechecked and
> it was INSERTED -
>
> I covered at mkt and made near $2500 on that 1 ctk trade !
>
> Can you belief that ? - I would not myself ! - but it happenend
>
> So do I care about $1 more or less comish ?
>
> ....oh yes, before I get 1000 requests WHO IS IT ? LIND-Waldock
>
>
>
> No Im not LIND and I dont own LIND, I dont get kickback or comish or
> whatever, just HONEST service, but thats more than enough
>
> rgds hans
>
> ~~~~~
> ....and bear in mind
> that high reward does not come without its partner high risk !
>
>
~~~~~
....and bear in mind
that high reward does not come without its partner high risk !
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