Robert:
I find your experiences with placing orders on the NYSE most interesting, and highly perplexing.... unless the orders you allude
to were for ALL for large purchases/sales of thinly traded preferred
stocks.
According to the rules, if a stock looks like this:
Bid 55 5
Ask 56 5
and you/your father, whoever, puts in an order to buy 5,000 at 56 1/2,
you should at least get the 500 offered at 56. Unless of course, you
specified "all or none", in which case a 500x 500 bid/ask may not
as well exist. You want to raise the maximim limits of the game by
10 fold. You can't do it at a card table, nor on the NYSE. I have
had situations where I have "requested" the "FITCH SHEETS" on an NYSE
stock. These show every single trade, the exchange, the size/time/and the Bid/ask when the trade went off. By matching up my reported time
stamp on my order ticket with the Fitch sheets, I know if I do indeed
have a basis for argument. On ONE occaision, I found where a stock
traded below my buy price after my order was placed. I was filled
immediately at my price, and an apology was included at no extra cost.
Was it because I "caught them"? Or was it an honest error? To each
his/her own opinion. IMO, given the volume of 300MM -600MM daily on
the NYSE, the fact that in 20 years of personal trading I have had them make one error, I would vote for the fact that they too are human, and we all make an occaisional error every 20 years or so <g>.
Regards,
Doug |
