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Non-Tech : Waterhouse Securities -- Ignore unavailable to you. Want to Upgrade?

To: Mama Bear who wrote (1414)	7/3/1999 9:38:00 PM
From: James F. Hopkins	Read Replies (1) \| Respond to of 2076

Hi Barb; Well I did have one trade taken back some weeks ago that reported it had executed, then about 30 min later said it didn't. How ever that was the Market Makers not waterhouse, and while the real time quotes did show the qqq to trade at that price for some time later that day there was no low stamped at that price at the end of the day, also it was a limit order. The short of it is if the Market Maker has to eat the trade they can undo it, as long as no other trade hits that price If it's a limit order. ------------------ My problem was not just that I didn't get the price, but thought I had covered my short, and didn't know I was still exposed when the price did start up. It went up a full 3pts and I go short again and tahts when I discover the first one had been taken back and now I'm short twice as much. ----------------- Well I did have some meaningful dialog with the broker, and gave into it being the market maker who canceled the trade but still a conformation looks like a conformation, how ever if I stand on that real hard, then all trades could wind up taking a lot longer time to confirm. ------------------- If it's market order it stands, if it ticks even 1/32 past your limit it stands, if it only hits your limit the MM can report it as bought but take it back if it no other trade goes beyond that, it happens on the NAZ more often than people think, I never looked for it till after that, but I now see it happen to someone almost every other day. It would have been reinstated had it gone there any time later that day, or had that price shown up as the low at the end of the day. Mine didn't. ------------------------ Market order conformations can't be taken back not even by the Market Makers. Jim