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I have been trading stock index futures since 1982 and do not remember
ever having a fill rescinded either. If you had a fill at 80 and it was
rescinded then the high for that period would have to be corrected by
the exchange because according to the broker it should not have sold
there. I would suggest one way to eliminate this problem would be to
put an MIT order in. Ie: 80 mit. when it hits 80 it becomes a market
order. I have never done this, maybe they have outlawed these too. I
doubt they would come back and rescind a market order. anybody have any
thoughts on this idea?
Norman E.
Jim Hamilton wrote:
>
> Jack Bicer & RealTraders:
>
> I have never heard of a rescinded fill before and I am not a new to futures
> trading although I am new to the RealTrader Group. I also trade the S&P and
> have had price changes of a couple ticks in one direction or the other but
> nothing like this. Price changes that I verified in time & sales and were
> reasonable. It sounds like the broker is trying to "dump his out trades".
> All firms and locals have an account to cover and track out trades because
> it is a way of life on the floor. Out trades are primarily due to
> communication error in or around the pit. If 2 or 3 brokers in the pit have
> a communication problem you should not have to pay for it.
>
> If your broker, Rosenthal Collins/Timberhil, will not help resolve this
> trade, I would ask them for a package to file a complaint with the NFA and
> CFTC. They are required to supply this package and all related information
> such as floor brokers name or number, ticket number and time stamps.
>
> To the comment by Ketayun, that someone is trying to discourage private
> trader from the market, I have never seen any evidence of this. In fact, I
> have seen much more evidence that the members of the exchange want to
> encourage trader/investors of all sizes.
>
> If this was me I would fight this. Keep us posted on this situation.
>
> Good Trading,
>
> Jim Hamilton
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