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To: TFF who wrote (5421)	10/7/1998 9:04:00 PM
From: steve goldman	Respond to of 12617

Your were aware enough to rule out the quote problem. Personally speaking, when I enter a SOES (for the rare time I feel its useful) trade right on my firms' workstation terminal, i have never seen a fill below the current bid ever. I HAVE seen a market soes order get an ugly fill as the best bid at 3/8, lets say, steps away for a millisecond...but you defiantely can see the bid step away and come back, and can track it after the fact on times and sales... maybe your quote service was 15 seconds late...i know you think it was synched, but it might have lapsed...nothing is more accurate than the nasdaq circuit..if you ever want to test your synch call me...but also note that synchs can vary depending on the day and market action. Outside that, if you firm is using soes and saying they are routing via. soes, well, if they didnt...forget it...talk about fines and sec cracking down....but maybe you routed to an ecn and the ecn's best bid was at a 1/4... do you have tiems and sales? check that versus what you remember the quotes going off at..times and sales go off the tape, not the time the prints hsow on your screen. anyway, regards...steve@yamner.com

To: TFF who wrote (5421)	10/7/1998 9:12:00 PM
From: steve goldman	Read Replies (1) \| Respond to of 12617

What to do if your firm goes bellyup - I must have gotten about 15 calls early in the morning and yesterday from upset (really upset) PT Discount clients...they couldnt trade their positions, they couldnt get bear stearns on the phone, the market was down 100 plus...what would I recommend ... First, its pretty much the same as if you had serious computer problems with your direct order entry firm...close the position...dont trade it, dont get cute, dont expect that short will continue to go your way...forget gains...objective is to limit liability and elminiate open positions....you have no idea how long you might be in limbo, close them out. You have no idea when you might get another chance to liquidqte the position if the clearing firm isnt handling all the calls in a timely fashion, if at all. Secondly, closed out, you are probably in a better position to get the firm to FEd funds wire the cash to your bank. Take the cash immediately and put it in your bank or your new firm. Dont leave it with the defunct firm any longer than necessary. but also be understanding of the clearing firm's problems. They;ve got a lot of liquidations and wire requests going on. Dont get cute...go to cash...cash is king...dont get too upset and dont get overly upset about 'missed opportuntities''. The market is here 5 days a week.. you'll make it up later . regards, Steve@yamner.com