arca fills the next day?

Discussion in 'Order Execution' started by swimsprintscash, Aug 17, 2007.

  1. Has anyone ever experienced getting a canceled order filled hours after the close of the trading day? Arca experienced some technical difficulties last Wednesday afternoon which caused an order I put out to get stuck briefly, before it was canceled. The position never showed up in my blotter by the time the day was over and I went home assuming that I was flat (as I always am). The next day I log on and find out that the stuck order got filled and showed up later that evening after I was long gone. Just my luck, I was now long the market overnight into the huge crash on Thursday morning, costing me $7k. I don't see how this can be acceptable at all. Does anyone think I have a case against Arca? Any suggestions at all would be appreciated.
  2. rwk


    If you can show that your cancellation was confirmed then I think you have a legitimate complaint.
  3. mde2004


    If the trade would have resulted in a gain would you give the 7k back? I don't think so. It is your responsibility to make sure your orders are canceled.
  4. why did you not sell futures thurs in the overnight session to hedge yourself ?

    or even sell early thurs am before the dump into 1 pm EST that day ?

    sorry to hear you had a problem

    in 2000 I had an order that was cancelled and I did not hear about it until the next day ... cost me a few thousand

    also that yr I was short a stock in after hours
    and it ran up $20-30 on me ... my brokers trading software
    froze up on me and they could not get me out

    lost a few more thousand on that one

    thank god I made 20 X what I lost on those errors that year

  5. There was no way to tell that the order was not canceled until several hours after the market close when Arca sent over their report to my firm.

    I could not hedge because I was not made aware of the position until 45 minutes prior to to Thursday's open. I sold out of my position immediately at the opening bell, as it was an ETF that did not begin trading until 9:30 am est.
  6. Daal


    stocks go up goddamit. you could've easly made that $7K. dont get too upset about this sort of thing, I mean think like this, suppose this error would happen 1,000 times during your lifetime, do you realy think you will lose all those times?at the very worst you would probably endup down the commision costs(and this ignores the fact that stocks go up). so you really lost like $20 on this, consider yourself unlucky