Patricia,
first off, let me state that I am going to give you the rules, and then how
it should have been handled....
You are not entitled to what you are told or reported....erroneous reports
occur...if I tell a client they bot 1000 abc at 10 1/4 and it was really 10
1/2,, the price they get is 10 1/2.....you are entitled to what was done...
if in fact the stop order was never triggered, then you are not out of the
stock, you are not executed on the order. nothing done.
regardless of what they told, regardless of what you would have
done...regardless of whether you spent the money or not..
in my opinion, and I suggest you speak to someone else if you are talking
serious cash, is that you will not win with the NASd, if they were
obligated to the trade and all they did was give you an erroneous report...
Now, lets get to the more important matter.....you say it is 3 dollars
lower...shouldnt that have triggered your sell stop? was it a day order
that they are saying expired at the end of the day? MOST IMPORTANTLY,
(since I am sure you ahve definitive answers to the first two), what was
the stop price...? did it trade through the stop>
OH, excuse, i think i see now...i reread your post...you had a stop limit
and they are probably going to say it hit your stop and they were unable to
get it off at your limit..
a few things....
1) we could talk about the imprudence of stop limits..you want out, get
out, dont get cute for teenies..you 'll get it right 5 times and on the 6th
you'll get stuck like this..
2. ) we have excellent systems for handling stops and stop limit which get
excellent fills so there is no tremendous slippage between the stop and
your fill...many times it is a better price, though it must be filled
because it did hit your stop.
Patricia...
while i'd like to tell you differently, i dont think you have a claim if
all they did was give an erroneous report..they are not held to what they
say but WHAT THEY DID.
also, if you used a stop LIMIT, take a look at times and sales, or post
times and sales up here or give me all the facts, the stock, the order you
eneterd, time, day, etc. and i'll take a look, but if it gapped down
through your limit, well, then nothing done, stock away.
and lastly, reconsider who you are doing business with..
perhaps you should have been called IMMEDIATELY to tell you about the
erroneous trade..perhaps the firm should haveargued to the tilt about the
trade with the market maker...but heck, its their gravy and they dont want
to upset them (<G>) and lastly, maybe you should look at times/sales and
quotes and see if it should have gotten done and they are covering an
error.
Mostly, reevaluate the firm with which you trade. Consider our firm, see
our site at yamner.com. You pay a few more dollars per trade
but the improvements, quality fills and industry setting service will more
than pay for itself.
regards,
Steve@yamner.com |
