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Re: FW: Revised Letter.



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Did NASDAQ confirm a fast market when you got time and sales?  Was it a pure limit or a stop
limit?  What price were you filled at?  Given you have time and sales was that a fair price
for the time you were filled?

NASDAQ Stocks in fast markets DO NOT really give a meaningful time and sales as the reports
are coming from a whole series of different dealers.  I suspect your broker uses a specific
dealer  ...    and ONLY that dealer ... they route based on the dealer rebate.  Buy to cover
short has specific treatment in the listed community..I'm not certain it has the same
treatment OTC.  If you were filled at 99 1/4 on a buy to cover short in a fast market .. that
is a pretty good fill.  If you order had been buy at 99 1/4  or better to cover short than you
might have a case IF NO FAST MARKET were in force.

Ge Wong wrote:

> -----Original Message-----
> From:   G.C
> Sent:   February 16, 1999 8:38 AM
> To:     spider@xxxxxxxxxxxxxxx
> Subject:        Stock(s) Second opinion
>
> Dear List Members:
>
> I have a problem that requires a second opinion.  I have gone over this
> with a friend of mine who is an ex-floor trader (stocks) and suggested that
> I take this matter to mediation/arbitration. He has also encouraged me to
> ask the group and my peers for help and guidance. If any members of Real
> Traders group has an opinion or comment please E-mail directly. Your help
> would be greatly appreciated.
> On Jan 22, 1999 @ 9:33 ET I placed an order through an online broker to buy
> 600 shares of AMZN @ 99 1/4 limit, gtc.  to cover a short position.
> I 'am watching the stock trade on my computer since I get real time quotes
> and running Tradestation ( so I "know" more or less where I am with my
> order.) Amazon trades below my price, I see prices touch as low as 99 on my
> chart after my order is in, so I assume I 'm filled.
> To my gut wrenching surprise I eventually discover that I'm not filled.
>  Furthermore all my efforts to get to the bottom of this with my broker
> have been futile.  They claimed that "AMZN is a fast market stock therefore
> they don't owe me a fill".
> I pursued this further and obtained time and sales from NASDAQ which
> clearly shows that there were numerous trades that took place below my bid
> many minutes after I entered my order.
> This leads me to draw two possible scenarios. 1) Either my online broker
> lost my order which never made it to the nasdaq market-maker system or 2)
> the nasdaq market makers traded right through my price even though I had
> the best bid up for many minutes and never posted my bid on their board.
> I am appealing to you all for your input on this.  This problem
> unfortunately involves a major part of my portfolio.
> Thank you.
>
>  GC
>
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