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

To: TFF who wrote (3950)	12/6/1998 2:48:00 PM
From: steve goldman	Respond to of 4969

I dont know if there is a rule that defines it for OTC market makers. Nonetheless, if the stock trades through your number and you should have gotten a fill, I would assume that the fact that they never told you about doesnt excuse the fact that you should have known you were complete...but this doesnt work both ways because I am sure that you have heard of the story where it trades up and through your number, yet they say nothing done :). All firms with which I do business agree to give me a report at days end showing orders for the day, nothing dones, executions and open orders as of day end, allow me to reconcile in case of a problem. ON nyse, the specialist has until the next day 930am. I know this becuase I once personally had a stock that I was trying to sell with a 34 1/4 limit..closed 34 1/4 on block piece but didnt take out the offer, basically, it left stock on the offer...i called, bitched and wanted to know how out of 40k on the offer, 34k gets taken, and i'm one of the 6k. the answer..you were one of the 6k...ok it happens... anyway, next monring stock news, stock gaps up 3/4..about 10 minutes to open, floor broker calls to say that infact I was filled day before, specialist had made the error and gets until 9:30 to fill the trade.... its the specialist. regards, steve@yamner.com Regards, Steve