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Technology Stocks : Analytical Surveys (ANLT) computer maps
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To: The ChrisMeister who wrote (1046)7/23/1999 7:33:00 AM
From: TLWatson59  Read Replies (3) of 1157
 
C.M. One of the lessons you learned the hard way is that AON orders lose priority. Another is that you should learn is that NSM does not have MM's on the NYSE or any "listed Exchange". A third is that if you trade through a discount broker and the stock trades on more than one "exchange" Midwest, Phila. etc. you may have had your order placed there (lower cost to the broker)and not seen the activity you saw. One important omission from you story is how many shares traded in one order above your short limit. If it was at least 600 shares, you may have a beef with your broker. Check time of sale for that period of trading and if there was a 600 share or more trade above your order on any of the exchanges you are entitled to an execution. Speak to the firm's compliance officer. Many of these discount firm brokers on the phone are relatively inexperienced and you don't always get the right answer from them. Most important the Specialist,(MM as you call him), is governed by a strict set of rules and cannot make such an arbitrary decision as you described, unless
the conditions explained above were in existence. A shorts sale at 24 1/4 AON is entitled to preference over any 24 3/8 sale of equal or more shares. If however there were a sale or sequence of sales of less than 600 shares at 24 3/8 your AON designation locks you out until the bid reaches 24 1/4 for 600 or more shares.

BTW when a stock trades 1 million or more shares a day I would not be that concerned about not getting filled on a straight limit order basis. Unless you missed the crest of the wave and get your sale off on a temporary rebound.
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