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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: David Penfield who wrote (3850)	11/20/1998 3:36:00 PM
From: steve goldman	Read Replies (1) \| Respond to of 4969

David, First off, I would agree that if your broker put your stop order on someone's books too slowly, and if the market moved against you and your stop order was greater than the bid, then most electronic systems kick it out. The reason being, with a bid below the stop, it looks very much like a limit order. There are a few issues here: 1. how delinquent was the broker? 2. should the mm have called thebroker? 3. and shouldnt someone have called you? tough call. you are correct. not enough in it to warrant something with nasd, etc. but might quarrel a little and get some cash from the b/d or a few free trades. We place the stop sides on one of 4 execution systems. We also assume all responsibility when we err. The broker should be on your side, and should be honorable enough to eat their own errors. -Regards, Steve@yamner.com