Meet Gene, a NASDAQ Market Maker Message Board

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Non-Tech : Meet Gene, a NASDAQ Market Maker

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To: gene_the_mm who wrote (66)	7/26/2000 11:27:48 PM
From: Susie924	Read Replies (1) of 1426

Gene, Even though I've been doing this for a few years now, I still consider myself a newbie and this might be a dumb question! Here goes: How long can a MM take to cancel or change a trade? Back in February I placed an order to buy a particular BB stock at .55 The order was executed immediately at .055 When I received the e-mail confirmation, I figured it was a mistake and that it would be corrected before the end of the trading day. It wasn't. A few people that I spoke to said that it would never hold up and that it would be corrected within the 3 day settlement period. It still wasn't corrected. I waited until the end of the month and I figured that for sure it would be corrected. Again it still wasn't corrected. At that point I figured that I had gotten the buy of the century! I'm sure you are wondering why I didn't sell at this point. The reason I didn't was because I had been just adding to my position on this particular stock and even if I had sold those particular shares I had plenty more that I was holding. Well, 6 weeks after the trade had gone through, I got a telephone call from my broker telling me that it was a mistake. I had 2 choices: 1) They could cancel the order or 2) I could buy the stock at the original limit price that I had put it in for which was .55 Since the price had dropped considerably, I opted for number 1 and the trade was cancelled. I bitched and moaned for a little while with the broker, but he pretty much told me that I didn't have a leg to stand on. Did I? Can a trade really be cancelled after 6 weeks? Thanks for any help that you can give me on this. It's still eating me up inside!

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