|
PureBytes Links
Trading Reference Links
|
Folks:
I have just made my first-ever daytrade (of a thinly traded stock) while
watching my new real-time quotes. To my horror, there were 4 trades
altogether
to make up my limit order, but one of them did not match the time and sales
that I was viewing in realtime.
To be precise, on 2000 shares long at limit 5 1/4, the last 900 were filled at
5 1/8 according to my realtime time and sales (the only 900 share execution at
that time of day), but the broker claims the 900 were filled at 5 1/4. I said
"Look, there's not a lot of money involved here, just $100 or so, but it's a
matter of whether I can trust you guys. Can you please doublecheck this and
get back to me with an explanation of why your execution does not match my
NASD
time and sales feed from the floor?" I faxed them the time and sales table.
3 days later, the broker calls me back, and says "We've looked into it
thoroughly and you're wrong. We checked it with the market maker." I said
"That's very enlightening that the market maker said I'm wrong, but since
we're
adults now and I've shown you my accounting, please show me yours. I'm
admittedly new to this stuff, but don't you think I'm entitled to some
explanation of how this discrepancy could have happened, other than just
cryptically stating that I'm wrong?"
The answer was "no" on both counts. AFAICS, the broker is basically saying to
me "F*** you", but with a smile on his face. He also seemed confused as to
why
I was making such a big deal over a few bucks, particularly when the other
1100
shares were filled below limit. And he said that there was probably an error
in my realtime provider. I pointed out to him that my realtime provider (DBC
"Stockedge") has better things to do with their time than poke around in the
datafeed from NASD, and change one quote by 1/8. I doubt they even have the
technology to do this.
I would consider playing this out, if for no other reason than to get a quick
education in exactly how corrupt the whole system is. This is one of the
biggest brokerage firms, it's not a little fly-by-night.
o Is there a way to insist on an accounting from the brokerage house or the
market maker?
o Is there any reasonable explanation as to how I could be in the wrong?
o Is it as omenous as it looks, that the very first time I look "under the
hood" of a trade, I see accounting discrepancies?
o If I want to play this out, how is it done? No, I'm not going to hire a
lawyer to collect $113. But I woudn't mind putting on a smelly T-shirt and
jeans and dragging these folks from behind their desks for an afternoon to an
arbitration hearing (may I assume they are rigged against you?), as long it's
not going to take over my life with unending aggravation.
Boy, they've made a cynic of me unbelievably fast!
Regards,
Paul
|