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Strategies & Market Trends : From the Trading Desk

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To: Tom DuBois who wrote (4451)	4/16/1999 9:46:00 AM
From: steve goldman	Read Replies (1) of 4969

Tom, I hate saying it but no, if you enter a stop on an OTC and its alrady bid at or below your sell stop number, the order rejects. NO market maker takes it. Yet, while they probbably have a lot of reasons and clauses that protect them, someone should have atleast tried to call you. The issue is...if you have a sell stop at 18 1/4 and the stock is alrady 17 1/2., did you intend this? did you intend a stop or was it a limit that you misworded? What we will do is call the client immediately. I'd rather take 20 seconds to call the client rather than wait a 1/2 afternoon before fixing any errors. Anyway you slice, you'd still eat the result in our firm. Yet the differenc is our perception of your problem and trying to do whatever we can, expediently, to help you fix it. Stop orders already triggered are rejected, no orders. -Steve@yamner.com

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