I think you missed several points.
1) they never called. My notice was though E-schwab when the stock was halted. My order came back "Nothing Done"
Certainly this could of been done 20 minutes earlier. This should be an electronic process, whether given the current market price their is sufficient cash available to purchase the shares.
No human need to intervene.
2)No on the fact that market orders are not immediately executed. when I placed the order only 2 million shares were traded. Active, but no biggy. Lack of execution / poor execution will kill a firm.
Here is correspondence from over a month ago on this subject.
___________________________________________________________________
To schwab:
I placed a market order @ 12:02 today, and reportedly filled @
12:15. Was this order really filled @ 12:15? This is a very active stock, and I assumed that the order would be filled almost immediately. Is it just a reporting issue?? IE actually filled @ 12:02, and reported @ 12:15. If you would look into this I would appreciate it. The order number is XXXXXXXX. This stock did not change in price during this time period, but it COULD of.. thanks
for your assistance.
___________________
[Response]
Dear Mr. Wenzel:
Thank you for your SchwabMail.
During high volume trading days, you may experience delays in receiving confirmation of an order that has already executed. Although the reported confirmation for your September 26, 1996, Micron Technologies (MU) trade was returned at 12:15, the order most likely executed immediately upon receipt.
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They IMPLY immediate execution! They just do NOT DELIVER.
3) Certainly thousands of others placed orders.
Is it my responsibility or SCHWABS to ensure they have enough people to adequately staff their offices? The quality of a firm is not measured on low volume days. It is measured when the market is the most hectic. If they can't handle it, you should find someone who does. I am in the process of doing just that!
4) "You know I'm right about that. It sucks but that's life. I'm telling you the facts and I have no reason not to give it to you straight."
This brings up my last point, which trading firm do you work for? Do you in fact have a reason to distort? |
