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Richard Davidson wrote:
> 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[s] there still uptick and
> downtick rules on fills.
Dear Richard,
Regarding the purported "uptick and downtick rules", I telephoned officials at
the CBOT and the CME several months ago in order to verify if these rules
exist. Surprise! What I was told was that they don't and never did. The rule
re fills is that in a normal market, the broker is held to a reasonable standard
(what a reasonable person would expect under all the circumstances); and in a
fast market, the broker is not held to any standard (you take what you get
without recourse).
I am sorry that you received an adverse fill and hope that you have had others
that balance this one out.
Sincerely,
Richard
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