Amex trade bust - Plz help

Discussion in 'Trading' started by Szeven, Mar 4, 2007.

  1. Hi Everyone.

    So i got super screwed on Friday on a trade bust through AMEX and i need advice as to how to proceed, and if there is any recourse.

    The stock was EWH. Pull up a time and sales and see what i mean. Stock is trading at 15.35 ish, and I see amex print all the way up to 15.60 @ 13.54.29. Logically, I offer 25k @ 15.60 shortly after, and 25k @ 15.65. At 13.56.13, i get filled short 25k @ 16.00, and then 1 second later i get partialed 600 shares @ 15.65. I get out for a nice profit at 15.46 10 seconds later. Then, at 4:35 after market, amex sends me back 25k of the shares saying its erroneous due to rule 135A AEMI-ONE. This means a floor official reviewed the trade after the guy complained and broke it. They do not send me back the 600 i sold short at 15.65.

    Can I do anything? I couldnt get out after hours, so now im long 25k EWH @15.46 and the international markets are going down. Im going to lose huge.

    Why did i get price improved on my orders @ 15.60? It can clearly be seen that someone bought around 200k shares on AMEX 2 minute prior up to 15.60. So if they want to move 942k (next print) it seems logical they would move the market up to 16.00 if they are in that much of a rush.

    This is all a load of crap in my opinion and so unfair. Im losing a large junk of my years profits on this. The rules say they are allowed to modify the price of a transaction... all i wanted was the shares at 15.60. They also gave no indication the shares were coming back so I was totally screwed after hours.

  2. dinoman


    File your complaint and cross you fingers and toes. Miracles do happen, but don't hold your breathe.
  3. I am not going to say who is running the amex cause I like my knees and my nuts just where they are. Good luck. Buy a seat, they are down in the low six figures, and you can join them.
  4. You think Spitzer would of busted em but they probally helped get him elected.
  5. The other side of the trade is someone who is way more important than you to the AMEX and Wall Street in general.

    You have no lobbying power and they have it all.

    Your broker is best bet, if they want your business, they will press on.

    Plus, you never know, maybe they did you a favor.
  6. Yeah... cause the market is just ripping right now im going to make huge...

    Here is the TAS
    • ewh.png
      File size:
      60.8 KB
  7. MR.NBBO


    Agreed. I had this exact type of thing happen years ago, it took me for about 10-12k. Welcome to the've now been officially "initiated".

    I'm definately in your corner Szeven, but this deal is definitely
    I got a sweet fill from the AMEX the other morning....I thought for sure it'd be busted, it was waaaaay too good. Sure enough it stuck, but I wasn't gonna sell it late day and have to cover if we gapped up next day & was busted I held over.

    I lost 2k of the gains the next day, --as I was sure it'd be busted afterhours, thus it goes.

    Sorry you got clipped....seems you've been on a streak lately--congrats! Don't let this wreck your mojo, move on and make some coin.

    PS.....25k shares Szeven???!! :eek: Take it easy brother, $hit like this happens a lot in this kinda environment. Use this time to check your share sizes.

  8. why did you not short an ETF like DIA OR SPY OR QQQQ etc

    late friday to hedge yourself if there was no liquidity in your stock after hours ?
  9. jumper


    That's ridiculous that a print that size was busted for being .40 away unless the order size was erroneous.

    Unfortunately, waiting til the next trading day to file is too late.
  10. sprstpd


    Sucks man. Sucks sucks sucks. I can't believe that is a bustable print, but I'm sure the AMEX decision is final. I would pursue the adjustment of the price avenue, but in the end I bet you are just hosed. In the future, I guess you have to wait to exit a position when you get an awesome fill.
    #10     Mar 4, 2007