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Tim,
Good post - no reason why any broker shouldn't be verbally held if it traded
well through a figure -
But Leo/Tops in fast mkt conditions??? Unfortunately electronic trading
when you use broker (a) and broker( b) executes the trade on the floor and
clears for you has spawned a rash of unbelievable excuses " I dont know if
your filled, I can't give you a fill .....let me chase the clearers order
desk ...there are internet problems ....course you should be but if your not
bad luck....shall I shut your (previously winning ) trade for you now at a
400 point loss? (Your blood boils - you wanna trash your screens/phones)
As a former broker I would have lost accounts responding like that.
Following this thread IMO if you have an account with broker (a) and you
should be filled because its traded through your figure (say a limit order)
then broker (a) should 1) sort it out with the clearer/floor broker b)
ensure your account is straightened.
>Folks:
>
>After reading Tom's adventure in trying to get his fill and the subsequent
>arbitration hearing, I wondered if other people use their brokers as I use
mine.
>
>I was short the Canadian dollar coming into this morning's trading.
Overnight
>trading was fairly quiet after yesterday's 90 or so point drop. I put in a
limit
>order to buy half my position back at 6507 and waited for the opening. The
>opening print on my real time quotes was 6504--Obviously, I assumed I was
filled
>and waited 45 seconds, watching the price prints. I picked up the phone
when
>Canada traded 6510 and I hadn't gotten a call from my floor broker. I asked
him
>if I was filled and he said, "You should be...opening range was 6504 to
6508.
>Let me jump into the pit and drag out the fills, they seem backed up this
>morning on the gap opening." Before he could get off the phone, I said,
"The
>opening range was 6504 to 6508? I must be filled then, right?" And he
responded,
>"Yeah, you're filled. I don't know all of the prices...let me get 'em now.
It's
>trading at 6518." I again asked him for confirmation and he responded with
the
>magic words: "Yep, you're filled...This is a verbal, no worse than 6507,
but I'm
>sure you got some better."
>
>After about 30 minutes, Canada was trading 6522 and I hadn't gotten the
details
>so I called him back. He apologized for the delay, explaining he was
>short-handed this morning, then asked me if I was ready for my fills. I
told him
>to go ahead and he read my fills. I was filled at three different prices,
>between 6504 and 6507.
>
>My point is that many people would have waited patiently for a fill, and
>probably waited for their broker to call them. certainly most people, if
they
>saw that it traded through their price would have just assumed they were
filled.
>But with a gap opening and prices looking a little hectic and skittish, I
didn't
>take anything for granted. And since I thought I was entitled to a fill, I
>wouldn't let my broker off of the phone until he told me that I was
entitled to
>a fill--In fact, I persisted until he gave me a verbal. While the price was
near
>my order, I wanted to get a yes or no because if there was going to be a
>problem, I could limit the exposure to ME by getting my broker to accept a
>portion of the risk. Now if the pit came back and gave him a song and a
dance,
>he would have the exposure [or at worse, he would be my partner for the
error].
>
>I don't know how other people use their brokers, but this is how I use mine
to
>get my fills out of the pits. I had a similar experience yeasterday in Dec
>Cocoa, where I don't bother to call the floor direct. It's the same basic
>procedure. I was a buyer of Cocoa at 1605 to take profit and my quotes
showed a
>low of 1604. I called the desk and they hadn't gotten a fill. I asked them
to
>call the pit, check the order, check the low and current price. They called
>while I was on hold, told me they didn't have the prices yet but they gave
me a
>verbal, meaning the pit broker told them price was through my limit order
and he
>hadn't matched tickets to fills, but I was filled at 1605, no worse. Again,
that
>took the risk off of me, and so now I was content to wait for the actual
fill
>and it came about 45 minutes later, when the floor broker got caught up
with his
>order deck.
>
>Is this how you handle your orders and fills?
>
>Best,
>
>Tim Morge
>
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