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Looking at the time and sales you posted, I think you should have been
filled at 933.50 which was the low price before the first uptick. You
won't have much of an arguement to get better than that.
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> From: prs <prs@xxxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Fast Market - Slow Broker
> Date: Thursday, September 25, 1997 12:01 PM
>
>
> 9:19:15 93550
> 9:19:25 93525 <--- this should trigger stop
> 9:19:25 93520
> 9:19:27 93510
> 9:19:27 93505
> 9:19:27 93500
> 9:19:50 93490
> 9:19:51 93480
> 9:19:54 93460
> 9:19:56 93450
> 9:20:01 93425
> 9:20:03 93400
> 9:20:21 93375
> 9:20:22 93350 X (what does this "x" mean?)
> 9:20:29 93375
> 9:20:37 93400 X
> 9:20:39 93375
> 9:20:42 93350
> 9:20:50 93325
> 9:20:52 93320
> 9:20:57 93300
> 9:21:07 93280
> 9:21:26 93275
> 9:21:26 93270
> 9:21:28 93250
> 9:21:38 93275 <---- start of rally back up to 93400
> 9:21:38 93300
> 9:21:45 93275
> 9:21:55 93300
> 9:22:00 93325
> 9:22:00 93350
> 9:22:12 93360
> 9:22:12 93375
> 9:22:12 93400
> 9:22:17 93390
> 9:22:17 93350
> 9:22:24 93400
> 9:22:37 93375
> 9:22:42 93400
> 9:22:54 93375
> 9:22:54 93350
> 9:23:01 93300
> 9:23:25 93275
> 9:23:25 93255
> 9:23:29 93250
> 9:23:31 93260
> 9:23:39 93250
> 9:23:40 93200
> 9:23:48 93225 <--- Order Filled here (?)
> 9:23:48 93250
> 9:23:54 93225 <--- Order filled here (?)
> 9:23:58 93200
> 9:24:16 93225
> 9:24:18 93250
> 9:24:21 93275
> 9:24:21 93300
> 9:24:26 93325
> 9:24:26 93350
> 9:24:37 93375
> 9:24:37 93400
> 9:24:58 93390
> 9:24:58 93350
> 9:25:00 93400
>
> I've seen a lot of fast moves in the s&p's where the prices changes in
.25,
> .50 or even 1.00 increments. During these times you can tell by
watching
> the ticks you're going to get a lot of slippage on a stop order. But
this move
> has several .05, .10 and .20 increments.
>
> My tradestation/signal cable feed showed prices of 93525 93510 93505
93500
> leading me to beleive I should have been filled around 93500.
>
> The liquidity seems good too. There were 167 contracts traded between
> 93520 and 93500 (based on the CME's tick-volume data not shown). There
> were 149 contracts traded between 93450 and 93500, and 304 contracts
> traded between 93400 and 93450. This is a total of 604 contracts traded
> from when the stop was hit down to 93400.
>
> Floor traders: Where do think this order could have reasonably been
filled?
>
> Brokers: I'm willing to accept responsibility for my mistakes (order
screwups,
> "buy" when it should of been "sell", etc). Shouldn't a broker be
responsible
> once the order is in his hands? What's a reasonable settlement?
>
> Off Floor Traders: What do you think I should ask for - how should I
settle this? How have you had other disputes settled?
>
> Thanks
>
> Paul
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