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Rich:
Actually, read the following knowing that I didn't notice the date on your time
and sales until after I wrote it:
The fill you were given was a rough fill. I doubt you will get very far with
arbitration, because these markets are so volatile--meaning that they are
basically ruled 'fast' markets from the first trade to the last.
I have changed my executing broker before in the SPs and the bonds, though I
still have the brokerage firm I have traded through since 1980. I sometimes do
get a surprise fill on hectic days, and the first thing I do is get a copy of
the official time and sales [which you did]. Then I go back to my phone clerk if
I am still ticked about the fill and try to calmly explain where I think I
'should' have been filled. Then I wait while they get time and sales. If they
agree I have a reason to be pissed, they take the official time and sales and go
into the pit and try to make a case for a better fill. It doesn't always work.
But it does work sometimes. Sometimes I have my phone clerk change executing
brokers.
One last thing: Today was another day of hell in the pits, and we've had a few
in the past week or so. Before you let this one fill just wreck your trading
day, take a moment to ponder how this broker fills your orders on normal
days--if you are usually satisfied, being angry over 20 ticks isn't worth it
[literally 2 ticks in SP parlance].
______
Now that I've read the date...If I read your time and sales representation
correct, you were filled in a fast market and the final outcome was 108700
versus the stop price you elected at 108720. Although you might have gotten the
filling broker to change the price on your fill that day, I doubt you will get
any relief now, because it was a fast market. Again, if it were me, I'd weigh
this fill against what you normally get in fills--if you weren't that happy
before, I'd change brokers. If you were fine before this fill, make it strike
one, but move on.
I think you lost whatever leverage you might have had because it wasn't price
adjusted that day.
Best,
Tim Morge
Richard Davidson wrote:
>
> Date 8/12/98 time 12:14:57 Sell 2 spu8 on a stop @108720
> I was filled @ 108700
>
> official time and sales from CME
>
> Time Price
> SP 9809 F 121952 108800
> SP 9809 F 122001 108820
> SP 9809 F 122007 108800
> SP 9809 F 122015 108790
> SP 9809 F 122015 108780
> SP 9809 F 122024 108770
> SP 9809 F 122030 108760
> SP 9809 F 122030 108750
> SP 9809 F 122036 108730
> SP 9809 F 122043 108720 Stop Elected
> SP 9809 F 122043 108750 why was I not filled here
> SP 9809 F 122047 108770
> SP 9809 F 122047 108800
> SP 9809 F 122100 108780
> SP 9809 F 122100 108770
> SP 9809 F 122103 108750
> SP 9809 F 122112 108760
> SP 9809 F 122121 108770
> SP 9809 F 122123 108780
> SP 9809 F 122129 108750
> SP 9809 F 122137 108770
> SP 9809 F 122143 108750
> SP 9809 F 122150 108730
> SP 9809 F 122150 108720
> SP 9809 F 122202 108710
> SP 9809 F 122209 108700 My fill the worst
> SP 9809 F 122218 108710
> SP 9809 F 122218 108720
>
> My question is the fill that I got is it a good fill by the CME rules or
> should I fight my broker for a better one. I have already been told that the
> fill is good and I will not get a better one. I there still uptick and
> downtick rules on fills.
>
> Thanks
>
> Rich Davidson
>
> PS remember these prices.
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