Off topic, except LU trades on NYSE as well. If anyone knows if LU has rules to help the small investor like Nasdaq has, please let me know.....
I got totally screwed this morning. If anyone knows whether the NYSE has any rules which allow the small investor to respond to the following I would appreciate it.
I've had a limit order to buy to cover a short position of 1,500 HPQ shares at $20.34 in at TD Waterhouse for a few days.
HPQ opened at $20.70 and traded 2,134,000 shares. It then traded a few times between $20.75 and $20.60.
Then the fifth trade of the day (according to Bloomberg) is a sell of 497,000 shares at $20.30, BELOW MY BUY TO COVER ORDER.
Then the 6th trade is 2,313,000 shares at $20.30, BELOW MY BUY TO COVER ORDER.
Then there are four trades at $20.31 for a total of 118,000 shares, BELOW MY BUY TO COVER ORDER.
Then it trades 217,000 shares at $20.35 (above my buy to cover order), and the shares moved higher from there.
So I have had my order in for a few days, haven't moved it, and the specialist jerk traded almost 3 million shares BELOW where I have a BUY order in, and I've gotten nothing filled.
This cannot happen on Nasdaq, as Nasdaq mandates its dealers to honor trades in terms of price, then time, then size, so Nasdaq cannot trade below your limit buy or above your limit sell without you getting filled. I know this because I have successfully forced TD Waterhouse to honors Nasdaq limit orders when this happened in the past.
If there are any NYSE people that I can complain to and possible get TD Waterhouse to honor the order please let me know.
Elroy |
