I had something very annoying happen to me twice, in two different stocks this week. I was trying to short a stock, premarket, and posted an offer on ISLD for 1000 shares of the stock, which was subsequently displayed as the best ISLD quote on Level II. Shortly thereafter, I was filled for 10 shares of the order and was left with an unfilled order for 990 shares and no remaining fill.
The very next day, the same thing happened on another stock, only this time I was filled for ten shares and moments later someone filled me for the additional 990 shares.
I remember seeing someone post a similar experience in the past and agree with them that the ten share fill was likely from a market maker who was merely 'playing games' with me, hoping that I would fill my remaining 990 shares by hitting his bid on INCA, as opposed to paying a full commission on only 10 shares. Anyway, it was very annoying to have this happen, especially on consecutive days. Screw the market makers!
Unfortunately, I don't know of any good options for avoiding this problem. The other ECN's will only fill in increments of 100 shares. However, they offer less liquidity (ARCA, STRK, ATTN, REDI, etc.) or they cost an additional ECN fee (INCA). Therefore, I/we are left getting screwed by the market makers.
I am interested in hearing everyone's ideas on this problem, or your experiences with similar situations.
-Eric |
