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Visavis wrote:
>
> ReatTraders / Tom Alexander:
>
> Its not a Hello anymore!
>
> I got some BIG problem in the fill of my eMINI S&P500 today. I am short of
> the Emini yesterday, then at around 9:00 CST today (after 30 minutes of
> NYSE opening) I called my broker and ask for the bid/ask price, because I
> found some problems with the internet live quote of the CME Emini Globex,
> then the broker said the bid/ask is at around 860/861. I immediately hit
> the market with a buy # of EMini at the market and wait on the line for the
> fill, after some minutes my broker said I had to tried to call after 10
> minutes because the pit is too busy for the fill report. Then I call back
> 4 times one after 30, 60 minutes and 2 and 3 hours but cannot get my fill
> till 2:30 pm CST and got a report of fill for 903.75.
>
> Such an awful fill difference from 861 to 903.75. Is this valid?
>
> I ask the broker about this and said that I got a bad order and rejected
> right away from the electronic trade placing system because the price run
> away from me which if in market order when the current last executed price
> differs for one whole point or $1 (4 ticks of a quarter/$12.50) the system
> automatically rejects my order even if its a MARKET ORDER. is this
> correct? or stated in the EMini information material of CME?
>
> My order was executed at 903.75 because its automatically done by the
> broker because of today's volatility the margin was increased from $2100 to
> $6000 per contract to keep up with my account equity.
>
> Any comment? please...
>
It is very unfortunate, and a bit strange. Unless the order was for
more than 30 lots, I don't understand how the "pit could be backed up"
. Anything under 30 goes through the terminal, not the pit, right???
I traded mini's today and was steamed that fills were taking 3-4 minutes
vs 1 min. normally.
As for the "market" orders on Globex , this is correct. They are not
traditional market orders. This is to protect you from hitting a vacuum
and paying WAY up. BTW, did you see the extreme print in the mini
(915.00) between 9:30-9:35 CST? It was 16 points over the high for the
SPOO the same period, somebody really got hosed. This could have been
caused by someone trying to "get around " this market order rulle and
placing a buy price way through the market to insure a fill. That used
to be a tactic of the SOES guys.
Anyway, about your broker puking your position to satisfy margin, he can
technically do it, especially if the account is debit (neg net liq); but
it sure is nice if they would let you know first. They know that you
are going to hem and haw and say you'll wire the cash, but it won't get
there for an hour. When the market moves this fast brokerage risk
managers panic too and an hour is an eternity, so they pull the plug
with no notice. This happened in the COffee run up this summer, and
there is nothing you can do about it. Sorry.
Maybe it is time for a new broker though.
Good luck tommorrow,
Eric
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