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I think this where the confusion is because you entered a GTC limit order
nobody's questioning that part. The part I'm saying is Nasdaq listed
securities do not accept GTC Limit orders only Stops. Its been a while
since I've used GTC limit orders on exchange listed securities but I
believe they do take them. I realize this has been a big pain for you as
well an expensive. Just trying to find the solution so it doesn't happen
again or two any others reading this post. If you entered this order
through a broker he indeed should have told you it can't be placed. If you
indeed used a live broker to enter this order and he took it that does
expose him and his firm to honor it. Thats my opinion but it may not hold
up in the rules or law but again it may. I'm a stock broker and I might by
mistake take your order but once I tired to place it I would then be told I
couldn't. It would then be my responsibility to inform you the order
couldn't be place as you requested or honor the order by watching stock
price myself. Thats why I keep referring to whether this order was placed
electronically. Because if Exchange listed stocks will take Limit GTC
orders the electronic software used may not distinguish the difference from
Exchange listed securities and Nasdaq securities and just except both. The
order would still be only a day order on the Nasdaq which would make you
think its was still working because the order was excepted as a Limit GTC
electronicly. Hope this helps.
Robert
Robert
Dark Hacker wrote:
>
>No chance in hell... it was GTC all the way.
>
>- Hacker
>
>
>On Wed, 2 Dec 1998, Robert W Cummings wrote:
>
>>
>> I certainly agree the broker should have told him that. I'm not familiar
>> with Datek but if he entered the the order electronically was it possible
>> the order was accepted as a GTC, but in reality was just a day limit order?
>>
>> Robert
>>
>> hansi_klein@xxxxxxxxx wrote:
>> >
>> >In that case his broker - DATEK should
>> >have told him that no GTC orders are
>> >accepted.
>> >
>> >
>> > ---- On Dec 1 Robert W Cummings <rwc@xxxxxxxxxxxxx> wrote:
>> >> Its my understanding only stop orders are accepted for overnight in
Nasdaq
>> >> traded stocks that will except them. Eggs does but any limit order
has to
>> >> be place daily so from what your saying you had no order in there to be
>> >> filled. You placed it Friday but didn't replace it again Monday so no
>> >> order was there to be seen by the Eggs MM's. This is not a Datek rule
but a
>> >> Nasdaq one.
>> >>
>> >> Robert
>> >>
>> >> Dark Hacker wrote:
>> >>
>> >> >My order was GTC with a limit to sell at 31 1/2. The price had
risen to
>> >> >around $40 / share with no execution. I find it hard to believe
that the
>> >> >order book was so large or that there were so few buyers that this
trade
>> >> >could not be executed for 20 minutes above my limit price.
>> >> >
>> >> >Unless anyone can find a flaw in this reasoning, the SEC is gonna hear
>> >> >about this.
>> >> >
>> >> >- Hacker
>> >> >
>> >> >
>> >> >On Tue, 1 Dec 1998 hansi_klein@xxxxxxxxx wrote:
>> >> >
>> >> >>
>> >> >> good till cancel otherwise all your orders
>> >> >> get deleted after the last minute of trading
>> >> >>
>> >> >>
>> >> >> ---- On Nov 30 Sigstroker@xxxxxxx wrote:
>> >> >> > Did you re-enter your limit order today? If I remember, all limit
>> >> orders at
>> >> >> > Datek are for the day only.
>> >> >> >
>> >> >> > In a message dated 11/30/98 9:33:11 PM, hacker@xxxxxxxxxxxxxxx
writes:
>> >> >> >
>> >> >> > > Speaking of fills, it lloks like Datek screwed me today by
>> holding my
>> >> >> > > order when they should have executed it. I entered a limit
order
>> >> Friday
>> >> >> > > to sell shares of Egghead Software at $31 1/2 / share. Egghead
>> >> closed at
>> >> >> > > a hair under that price and I was anticipating a spike up in the
>> >> morning.
>> >> >> > >
>> >> >> > > Well come Monday I got my spike upwards as Egghead soared to
$40 /
>> >> share,
>> >> >> > > however my limit order never executed even though my limit price
>> >> had been
>> >> >> > > exceeded by 9 whole points! Egghead traded around $38 /
share for
>> >> a full
>> >> >> > > half hour before plummeting to $25 / share and I never got my
fill!
>> >> >> > >
>> >> >> > > Worse, a friend of mine who trades with E-Trade says he
experienced
>> >> the
>> >> >> > > same problem with Egghead in his account this morning.
>> >> >> > >
>> >> >> > > So are the brokerage firms holding our orders and not executing
>> >> them as we
>> >> >> > > have directed? Isn't this illegal? Are there other
>> explanations for
>> >> >> > > this? If not, I'm going to directthe SEC to look into the
matter.
>> >> >> > >
>> >> >> > > - Hacker
>> >> >> > >
>> >> >> >
>> >> >>
>> >> >>
>> >> >
>> >> >---
>> >> >Dark Hacker | Fortress Of Computation
>> >> >hacker@xxxxxxxxxxxxxxx | http://www.computation.com/pub/hacker/
>> >> >____________________________________________________________________
>> >> >
>> >> > "Building our future... one twisted freak at a time."
>> >> >
>> >> >
>> >> >
>> >>
>> >
>> >
>> >-----------------------------------------------
>> >FREE! The World's Best Email Address @email.com
>> >Reserve your name now at http://www.email.com
>> >
>> >
>>
>
>---
>Dark Hacker | Fortress Of Computation
>hacker@xxxxxxxxxxxxxxx | http://www.computation.com/pub/hacker/
>____________________________________________________________________
>
> "Building our future... one twisted freak at a time."
>
>
>
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