E*Trade/Instinet have done it again.
Placed 3 after hour orders today, 1 of which there was no problem,1 there may be, and 1 definitely. Placed an
order to buy that was the same size and price as was displayed as the bid. Shortly after my order was accepted, no
more shares at any price were displayed at the bid. My buy order was never displayed, even though it was 1/2
within the price of the order displayed for the rest of the day.
When I called E*Trade, after speaking with several people a broker told me, amongst other things, that it appeared
that I had hit the bid but I would have to wait for the trade to be confirmed as they are done manually for after
hours trades.
Later, when the order showed expired and I again contacted E*Trade, a supervisor told me that there were no after
hour trades in the stock, DPAC; that he didn't know that a bid cannot be withdrawn on Instinet even after it
receives my matching sell order; that Instinet does not have to display my order even it is the inside order; that
there was no point in him doing a trade inquiry since he knows it will be denied; and in order for me to get copies
of the order trail that I will need to write a letter, anyway. Even then he told me that I won't be given copies of the
order trail.
This is ridiculous, and I intend to follow up on this, and not only with E*Trade and Instinet. Apparently, Instinet
has very little regulation at present, even far less than NASDAQ, if that is imaginable.
If anyone has had similar experiences, I would like to hear from them. |
