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> Date: Thursday, August 07, 1997 8:23 AM
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From: "Tom Alexander" <gta3@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxx>
Subject: Re: poor fills
Date: Thu, 7 Aug 1997 08:26:29 -0400
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Hi Walt,
I had an even worse experience in the NYFE options the other day and I'll
spare you the details. Notwithstanding the fact that I KNOW better than to
be in a market like that it was a special situation. I raised hell over a
fill and got the pit supervisor involved... the whole nine yards. The
bottom line is that the exchange rules are set up to protect the floor in
almost any situation and if you are in a bad pit or have lousy brokers in
that pit they can rationalize and justify almost anything. 95% of the
problems I've encountered with the floor in my trading career have been in
the NY markets. Those reading this please make note.
Also, in spite of knowing I'll seldom get a favorable decision I make it a
point to complain quite vociferously. I encourage others to do the same. It
seems to occasionally get lost on the exchanges that WE are customers doing
them a favor by giving them our business, NOT the other way around. NEVER
hesitate to bitch when you feel you have a legitimate complaint. Walt, I
know you know this and hope others will take heed!!
Regards,
Tom Alexander
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> From: Walt Downs <knight@xxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject:
> Date: Thursday, August 07, 1997 1:54 AM
>
> Say,
>
> Has anyone been pulling some strange fills from the
> New York markets lately?
>
> Stuff like:
>
> Order: Buy 10 Oct Sugar 11.00 calls 35 OR BETTER on the Open
> (Sugar previous settlement : 35 )
>
> 11.00 Sugar calls open at 29, trade down and then move
> rapidly up to 45
>
> Trading desk calls to tell me that I have been filled at 35.
> In Sugar options, with liquidity like the Mississipi?
> I don't think so!!
>
> So, I argued and got my fill at 29.
>
> Well, today really tore it.
>
> Looking to enter Cotton on a buy stop at 65.05
>
> at 10:12, the market trades up to 65.05 drops
> briefly to 65.00 and then hops up to 65.31, drops
> a bit and moves rapidly to the 65.70 level.
>
> No sweat, I figure. I was in before the floor hit the
> stops.
>
> The trading desk calls with my fill at ** 65.60 !!! **
>
> Naturally, I expect slippage in Cotton, but this baby
> looked like the slide at DisneyWorld.
>
> My broker has Compliance climbing all over these
> hot dogs. WHAT is going on?
>
> These problems surfaced when
> my brokerage started clearing through a new
> clearing house. Is it possible that they are dumping
> contracts to floor traders that they are sponsoring?
>
>
> Is anyone else having these problems, or is somebody
> bagging me here.
>
> Walt Downs
> CIS Trading
>
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