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You are in a tough one. Although AMZN more or less trades huge
volumes... Was your order "all or none?".
The way bid ask spreads fluctuate it could have droppped into your
"zone" but the number of shares offered were only 100 or 200. If your
order was to buy
at 99 1/4 "partial shares accepted", then you have an argument.
---THE DOCTOR <droex@xxxxxxxxxxxx> wrote:
>
> 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
> >
> > Name: WINMAIL.DAT
> > WINMAIL.DAT Type: Movie Clip (MPEG)
(application/x-unknown-content-type-MPEGFile)
> > Encoding: x-uuencode
>
>
==
Regards,
Gary
The Best Global Telecom Price$
Guaranteed...
http://LD.net/?garywgray
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