Doug: Here's the story I promised two days ago.
On Aug. 26, we placed and order for 10,000 shares FRX as follows: 10,000 @ $3.40; show entire size of bid. This took place at 10:50 EDT. 1,500 shares were bought @$3.40 at 10:54 as shown by the MARKET/TRADE RECAP available from Bloomberg. However, the remaining 8,500 share order was NEVER shown to the market as the bid price. $3.35 remained the bid price shown to the market until I raised my bid to $3.50 at 11:21, with another specific instruction to show the entire size of the bid. AGAIN, THIS BID WAS NEVER SHOWN TO THE MARKET. The bid price was shown to the market as $3.45, and 3,500 shares was acquired by someone, but they made their way to us at $3.50 after the fact. I eventually called the Vancouver office of Yorkton, who I was informed was clearing the U.S. trade, and demanded that they show the bid to the market. I inquired if the $3.45 bid was theirs, and they said it was. I asked why they were not showing the real bid to the market. They told me they would call me back, but never did.
This is the second incidence with FRX that I have personally been involved with that will not be tolerated in the U.S.
Besides the obvious from above, the refusal by VSE brokers to show strength in size has a chilling effect on the ability of any stock to gain and/or maintain any momentum.
I do intend to file a complaint with the VSE.
Best regards,
Crandell |
