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Strategies & Market Trends : Tech Stock Options
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To: Christineesq who wrote (49385)8/5/1998 10:11:00 PM
From: Jerry A. Laska  Read Replies (2) of 58727
 
OT Christineesq,
Sounds a little like a trade of mine today with Schwab. I entered a limit sell at the then prevailing bid (I confirmed the bid with RT quotes and by the display of the current bid on the confirmation screen). And according to Schwab RT quotes the bid stayed at my limit price for the next 15 minutes or so before dropping. Since I didn't get a confirmation when checking the status of the trade, I called a trader assured me that from his review my trade was probably executed and that "because of the fast market" confirmations were showing up late but if it didn't execute I couldn't do anything about it now because I couldn't enter another trade with that stock.
After the trading day is over I get a call explaining that I didnt get filled and I'm not owed a fill because at the time I entered my limit order at what I thought was the then prevailing bid Schwab's real time quotes were "inaccurate" and they were receiving quotes from their quote vendors that were delayed and not current. The only thing they would agree to after much back and forth was to waive my trading fee on that stock if I wish to execute the trade tomorrow and to restore my quote bank balance to where it was at the beginning of the day. The addition of quotes doesn't amount to anything but I will save the $29.95, which is something I guess, but which does not completely offset the decline in value of the stock today. But they weren't willing to do any better.

Good luck,

Jerry
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