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> I beg to differ, the exchange ruling committe will uphold and violation of
> price within the 3 minute time period allowed to execute order or cutomer
> which ever comes first.
There's no such thing as a 3 minute rule, even in fast market conditions.
"In Buran v Lerman (CFTC Docket No. 89-R290) the CFTC ruled that the floor
broker had violated both of the aforementioned regulations including the
antifraud provision and ordered him to pay me an amount of money that was
based on a price that took place on the first back tic after my stop was
touched off. This back tic occurred only 52 seconds after my stop was hit
and occurred in very fast market conditions. No mention was ever made of any
"three minute rule", 52 seconds was good enough as far as the CFTC was
concerned. Furthermore in addition to having to compensate me for my losses
the floor broker's trading privileges were revoked."
http://www.tradestationtrader.com/Three%20Minute%20Rule.htm
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