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As a broker, if the fill price is not in the time and sales sequence in an
appropriate time period (varies according to conditions), I tell the floor
manager to have the broker either insert the print in the proper slot (and
send me an official t&s copy with the revision) or to have the broker adjust
me.
I would say most of the time errors like this happen because somehow the quote
from the trade was not input into the system by the pit reporters. Either
they missed the report from the pit trader, or they mis-punched it. However,
I need to see the proof to satisfy my due diligence instincts and/or offer the
proof to the client.
If you get no response to the either or request, then it is time to find a new
broker.
Regards,
John J. Lothian
Disclosure: Futures trading involves financial risk, lots of it!
In a message dated 2/8/99 12:12:11 PM Central Standard Time,
gmkramer@xxxxxxxxxxxx writes:
<< On Friday, I placed a market order to buy a S&P contract and when i got my
fill back, I saw that it was 1 tick higher than where the market had traded
over the past 5 minutes. Is that possible??? I have not checed time and
sales but the broker has no explanation. I know its only a tick, but it gets
me wondering what can really happen with market orders!
Thanks
Gary Kramer
Oak Park, IL 60302
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