We are not in a position to gamble at all with our clients order. Yet as the stock was moving up to the limit, Yi, seeing the strength, made the right move, contact the client and suggesting holding back and adjusting the order as indicated.
Yi was in touch with client throughout the day and client gave Yi the order not held. As a result, Yi had the limited discretion to work the order as such without that liability. He also moved SOES up throughout the day and had it ready to SOES in the event it backed down to the Stops being adjusted.
Normally, i might try to call the client quickly and explain the action and see if they want to execute immediately or hold off. At that point client can direct the order to be executed immediately or leave it not held.
The way you phrase this, technically is, "day around, sell 200 cybg 15 or better, not held, cans (cancels) sell 200 cybg at 14 1/4."
If Yi hadnt made been successful in his immediate efforts to contact client, we would have sold out the position with a few moments.
You also have to "know you client", know where they are at 9am, what they want done on an order, etc., items you don't get on a computer interface.
Irby you and I have discussed why our firm, in light of the cheap availability of internet trading technologies, maintains our approach. This is one particular reason.
Again, as I said, it was a total abberation but worth noting.
Regards,
Steve@yamner.com |
