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Strategies & Market Trends : From the Trading Desk
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To: steve goldman who wrote (4390)3/26/1999 2:16:00 AM
From: J.S.  Read Replies (1) of 4969
 
Steve, Thanks for your response. All I am asking is a similar straightforward response from my broker as to what did actually happen. What you say is possible but it does not appear to be what actually happened in my case. I entered my order when the market was 7 5/8 x 7 3/4 and I believe that several minutes later when the market was 7 1/2 x 7 9/16 that my bid was displayed. I was looking at streaming island book in the process of changing my order and saw all the posted bids at 7 1/2 being taken out and even some trades at 7 7/16. The problem is that because of the response of my branch manager I have lost confidence that my broker is representing me honestly. From the conversation with him I came away feeling that he was saying that if I cancel an order regardless of when I do it that even if the order fills they may not give it me (they could close out the position themselves). This is especially problematic in that they give me late report (more than an hour sometimes) at which time they can dump the position on me if they don't want it or honor my cancel if they do. He keeps evading the issue and the time and sales information he reports is not accurate. Ir am usually trusting but I always come away from them like I am a fool.
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