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I wonder if anyone else experienced anything like this today:
1. Electronically, place a market order to buy the emini, get filled.
30 seconds later...
2. Oops, missed, sell emini at market, waiting...waiting...waiting...no
fill...call broker...CME rejected order, don't know why, need to re-enter
order.
3. Re-enter order...same as above... the market is now 10 S&P points lower
than when the original order was placed. Broker still has not heard from CME
why it is rejecting orders...Figure out that that only limit orders are
accepted, (despite no help form CME)
4. Finally enter limit order that is accepted -- about 1 point from the low
and 15 S&P points below where original order placed
Now I am not a litigious sort of fellow, (and the $$ I lost due this was very
small) but at some point the CME has got to take responsibility for this thing
that they have created. From what I saw, it appeared as though the computer
(or someone ?) pullled the plug on the stop/market subroutine when the market
was in climax selling mode -- I am sure customers lost millions, if not 10s of
millions due to this.
I wonder if anyone else had a similar experience?
NCC
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