Steve:
I am in need of your assistance.
Datek just bought in, without notice, a large number of shares of TTF that I had had short there for some time.
The execution is dated today, after 4:00 PM. The price was at the high for the day, $7.00.
Had I had notification, I would have covered on Friday or Thursday at $6 1/4 and under.
How much notification does the broker have regarding an impending buy-in? If another customer of the broker is long, and then sells or moves shares to a cash account, when must broker force the cover, and by what set of rules as issued by whom?
If the shares are through a clearinghouse or other entity, what rules apply then.
I guess I'm having trouble believing that customer must cover immediately and therefore I think that Datek must have had some advance notice or executed the buy-in earlier than necessary.
The episode has cost me north of $10,000. Can you help, or refer me to someone who might be able to?
Thanks so much, Peter |
