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Non-Tech : Anthony@Pacific on getting ripped off and what to do..
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To: Jonny White who wrote (34)4/15/1999 6:28:00 PM
From: J.S.  Read Replies (1) of 42
 
Thanks Johnny,

I appreciate your response. The problem I have with my broker is that
they are evasive and inconsistent. I use Scottrade and they claim that
the order is sent immediately to a market maker and that after that they are subject to the reporting of the market maker.

Do update the situation. Someone else (not my personal broker who I
do not trust) looked into my situation subsequently. This was the first person I talked to. He just responded later because he actually took the time to look into the matter. Apparently, one "trader" at the firm actually was going to give me credit for the trade before being
overruled by a "senior trader". I am not sure of the details but it
was something about a distinction between my cancellation went through as opposed to when it "appeared to have gone through" and something about "trader's discretion". I was very pleased at the attempt on the
part of this other broker. However, it still doesn't answer my questions. 1)Was my limit order properly displayed according to the Nasdaq rules. 2) If it was, was it filled?

While I am still willing to give them the benefit of the doubt I
am bothered by what exactly "trader's discretion" means and curious
as to why when a cancellation is to my advantage ( as determined at
the time of reporting - often late) it seems to take so long to process and when it is not to my advantage it happens instantaneously
seemingly before I even complete the process.

I have transferred my activity to other firms until I have satisfactory answers to these concerns.

Regards,
Joe
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