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What probably happened to you was they did call the order to the pit. Only
it was via their ND trade desk on the floor somewhere in the general
proximity of the pit and your order went into the pit "on paper". This
takes considerably more time.
Regards,
Tom Alexander
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> From: Gary Fritz <fritz@xxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re:
> Date: Monday, November 16, 1998 11:47 PM
>
> > PMB WAS DOWN FROM THE OPEN TO 1156 A.M. EASTERN TIME TODAY. THIS IS
> > THE FIRST TIME THEY HAVE BEEN DOWN SINCE I HAVE BEEN TRADING WITH
> > THEM (9/27/98).
>
> FWIW, it was also down on 10/27. I was actually calling the order
> desk, since some bugs/problems in PMBe kept me from entering my order
> electronically. The order desk just uses PMBe to enter your order,
> or so I've been told.
>
> Anyway, at 2:56ET on 10/27 I called in an order and got put on hold
> for several minutes. They finally came back and said the system was
> down and they'd called the order to the pit. Fine, I figured, that's
> probably at least as fast as electronic entry, right? Shouldn't take
> more than 15-20sec to call the pit and get the order executed.
>
> When they called me back, they gave me a fill that was about 8pts (in
> the ND) better than it could have been. The market hadn't touched
> that price for over 15mins before I called. I said "No, I wish," and
> told them to check again. An hour later they came back with a fill
> that made me wish I'd shut up and accepted the first one! I'm still
> arguing with them about it, but the fill price they gave me wasn't
> touched until almost FIVE MINUTES after I called. They're claiming
> that was an acceptable fill, "given market conditions." Which is BS,
> since the market was slow and almost flat then, luckily for me.
>
> I was not pleased.
>
> Gary
>
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