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Keven,
For a stock, on the NYSE or AMEX the order would never be executed.
The stock must trade at that specific point before the order becomes active.
It would be a market order unless the original order wes designted as a stop
limit.
It could only be filled at the limit price if it was designated.
I will typically give an order such as buy 25 stop, limit 25 1/8.
This indicates that if the stock trades up to 25, it will be filled at 25 or
25 1/8 in a fast market. but the limit price does not guarantee a fill, if the
market suges too quickly.
Does't happen very often but it does happen.
NASDAQ stop orders are taken by some firms, it theoretically works the same
way, but some front running may result in, somhow, you being filled on,
surprise - surprise, the high of the day.
Many futures markets worked the same way.
So.. If I read your original post correctly, your order would not have been
filled unless the market traded at the original stop price. Your example
seemed to imply that it did not.
All the best.
Terry Quinn
P.S. Just part of the priceyou pay to play in the game.
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