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Other than complaining, you didn't mention whether there was an uptick between 98.00 and 96.40. Did you examine the time and sales? If there was an uptick, you are entitled to no worse than the price before the first uptick. If so and your broker refuses to credit you, raise some hell, ie formal complaints, etc. If there was no uptick, you've got no recourse. You just got caught in an illiquid move.
Scott
-----Original Message-----
From: janderson3 [SMTP:janderson3.at.CSOMSTUDENT@xxxxxxxxxxxx]
Sent: Monday, April 20, 1998 8:46 PM
To: omega-list@xxxxxxxxxx
Subject: New York Markets-Comments
Hello all,
This is in response to a thread on this list about a month ago
regarding the honesty (or lack thereof) of floor brokers and traders
on the New York exchanges.
Last week, I received a terrible fill in OJ. I was attempting to sell
5 JON8 at 98.00 on a stop, but was filled at 96.40. Of course, I
complained to my broker, who will remain anonymous. The broker was
sympathetic, but refused my request for credit, and attributed the
large slippage to the "New York markets." Specifically, the manager
of the particular firm with which I trade stated that he always
recommends to customers that they "steer clear of the NY markets, as
they are full of crooks!" That is quite an endorsement, I must say.
I hope that others will find these comments interesting, especially in
light of the comments last month on the same subject.
Jay Anderson
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