Shocked!! Looks like E-Trade is actually going to admit its mistake. Although it first fell back on its standard line, that I wasn't owed a fill because I placed a buy order at the bid and you have to buy at the ask, and then claimed that the issue never traded at my price during the time my order was in, it looks as if it will admit that the problem is the failure to represent my order in the market place.
This was after I pointed out that even its own quote system showed a trade at my price, the closing price or 7. Then, both MyTrack and Bloomberg time and sales not only showed trades at 7, but that the bid dropped below 7. Also, the bid increased to 1000 shares at 7 just after I placed the very order. When E*trade mentioned it would be hard to know who's order was filled, I explained it was easy if we get sales and order paper flow.
Just got a call form ET. Now it looks as if Knight failed to send my order to the market, but first directed it to Knight's ecn after determining that Knight didn't want to fill me. Et will check this out further and advise tomorrow as to just what happens, but the problem seems to be the failure to represent me in the market place. (Oh yeah, it likes like Knight claims that the bid below me was a mistake. Yeah) |
