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> 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 would not say that they are full of crooks, they simply have a
different market structure than the markets you are familiar with. I've
seen conditions where your fill could be considered good. Let's face it,
if there are no bids, that may have been all he could do.
The manager of your firm has two issues there, 1) He is sick of the
complaints 2) The costs of doing business in FCOJ are incredibly high
and they don't make much money on the trades anyway, therefore he would
just as soon not deal with it.
I would not condem the NY markets across the board, you simply have to
recognize you are dealing with a different animal.
Kevin
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