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Strategies & Market Trends : From the Trading Desk

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To: Tom DuBois who wrote (4451)	4/14/1999 3:26:00 PM
From: David Penfield	Read Replies (1) of 4969

Tom - This happened to me at Discover once. The stock dropped below my stop between the time I entered the stop order and the time the order got to the MM. The MM rejected the order, but it showed up as "Placed" on Discover's Order Status screen. I assumed that "Placed" meant that the MM had the order and everything was OK. Discover claimed that the MM's just kick out invalid stop orders and don't always tell the brokerage that it is an illegal order. Therefore they (Discover) "Placed" the order and their order status screen (that said "Placed") was technically correct. I felt that Discover, acting as my agent, should have ensured that the order was in fact legal. Of course they didn't see it my way. Also of course the price dropped during the time I had to call and find out why my stop order didn't execute. They compensated me with a commission free trade to close the position. WOW, like $20 makes up for a $1K mistake. BTW, I doubt that you would have this sort of problem with Yamner, and they really do answer the phone in 2 rings. DP

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