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Non-Tech : bad experience in Charles Schwab recently
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To: Rick Ryan who wrote (46)8/9/1997 2:52:00 AM
From: mozek   of 124
 
Rick,
Are you saying that trades can be reversed by the trader and passed to another? I've suspected that to be true numerous times. I placed an order through my Schwab 500 team (supposed to boat immediately) to sell 60 calls at 7 when the bid was at 7. The bid stayed at 7 for 3 minutes and no calls traded at 7. The bid dropped to 6-3/4, so I placed a change cancel. According to my brokers, that takes a few minutes on hand held orders. The bid stayed at 6-3/4 for 4 minutes and then dropped to 6-1/4. I finally placed a change cancel for 6-1/8 and the fill came back at 6-1/8 15 minutes later (it was a fast market). The cancel for the 7 order took 20 minutes to come back. One of the brokers looked at the time and tape and said that there were no fills at 7, and due to the change cancels, it was a good fill.

Does this make sense to you? I suspected that I might have gotten filled at 7 and that someone "took" that fill and the profits when they saw a change cancel. Where would the buck stop in a case like this?

Thanks,
Mike
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