Patrick: Regarding your MSH 555 option and Schwab confusion ...
Yeah, I know, this was 4 days ago and several hundred posts (sheesh, it's hard to keep up with this thread on an every other day basis!)
I had a recent experience which is not Schwab's fault, but may become more common generally with the proliferation of indices/options, companies, etc. People can take note of this and be on the lookout...
I recently traded a CBS July 30 call, CBSGF. However, there is a small communications stock with the same symbol, CBSGF! Schwab's internet and phone systems could not handle this option for placing orders. In fact, when I tried to sell it, the broker even entered it wrong (even though it showed ok on the screen). The order got cancelled just before the stock tanked. Schwab did good, and they filled the order at the old price a couple days later, but in talking to the account rep, it turns out that the CBOE gave the CBS option a "number" for which to refer to for trading, rather than the underlying symbol.
This may be the reason option symbols take a while to get assigned by various brokerages. Chalk up one learning experience ...
Z |
