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Strategies & Market Trends : Roger's 1997 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: nonzeroa who wrote (6545)	11/8/1997 10:22:00 AM
From: Orhan Birol	Respond to of 9285

Did you know that if you cancelled confirmed an order in the AMEX and they did not respond within 10 minutes YOU would have a choice of an execution or a cancellation, no matter whether the order was executed or not. I know this to be fact; at least at the brokerage house I work. Furthermore; if the floor reports a trade wrong: I entered an order to sell 20 Puts ASND Dec 25 @ 2 7/16 at the bid, as it is an automated order the execution came back immediately; but with a price of 1 7/16-a typo. By the time the back office checked into it it was 2 1/2 bid and the ASND was tanking, so I exercised my privilage and cancelled the order, sold the same option @3 yesterday. I don't know whether this privilage is given to Advest only, my firm; because we route all dually listed automated option orders to the AMEX, but here is a case where the customer has the upper hand for a change. By the way if an option is quoted at a better price on the CBOE or another exchange we can process the order manually on that exchange. If you or anyone else have questions on this or other subjects you can e-mail my SI address or call 1-800-553-7723. All calls answered on second ring Black-Monday or not. Orhan