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

To: TFF who wrote (3941)	12/5/1998 3:08:00 PM
From: steve goldman	Read Replies (2) \| Respond to of 4969

I dont think there is anything covering this as well...let me give you an example of where it can get difficult...it doesnt happen often but every so often. ...sometimes a client will give me a limit order to sell something...i give it to the nyse specialist via. superdot...an hour later they call to sell the stock at the market cans the limit order...or bettter, lets say they want to simply cancel the order. I route a cancel to the floor instantly but the specialist isnt comign back with an 'out'. So the client is getting edgy, i'm getting edge...i punch a few status inquiries...nothing coming back....now the client is getting edgy , wanting to know if they are out, and i'm getting pissed because its taking too long..just as I pick up the phone to call my floor broker to ask him a favor, to run over to the booth and find out that the heck the specialist is doing, back comes the out. He had matching a piece and wasnt sure if they'd use my stock, etc. Point is...your broker cant give you an out until he gets an out.. regards, steve