It is not easy to do this without internal compliance seeing an omnibus or trading account position trading in front of a customer order. There is a paper trail with account numbers on it. The trading desk is NOT touching a 500 share order, it is executed electronically on DOT, the order was delayed...PERIOD...and the broker lied about the delay. NASDAQ in 2000 this was protocol, this is 2008 and not NASDAQ trading. Please stop making shit up!
I bet this is what happened. In six minutes you could have traded by smoke signals. And that lame excuse is the tell; what a line of BS, what the hell does it even mean? They pocketed the risk free cash!! Heads I win, tails you lose
This is total bs. Sounds to me like a crook trying to swindle an elderly investor of $500. I'd bitch and complain non stop about it if this happened to me.
This is not made up by me, this is how some full service brokers used to hose their clients on listed stocks. There are a number of expose' books available on the subject from former stockbrokers. Besides, I was being more hypothetical than anything.
Agreed 100%. I'm so tired of hearing all of these "conspiracy" theories by a bunch of college kids on ET who really have no clue. The broker is not "front-running" a measly 500 share SPY order. That would be absolutely absurd, not too mention highly ILLEGAL given the kind of paper-trail that exists out there. This was an AGENCY trade, pure and simple!
I actually visited a friend who worked at a full-service brokerage and that is how it worked. The client would call, he would write up the trade, walk it over to the person in the office, drop it off in their 'inbox' and walk away. Then later in the day or the next day, they would get a slip of paper with the fill for that trade. Sounds crazy but that's how they did it. And this was a reputable full service firm. Having said that, that only explains a delay in getting a fill, it doesn't at all explain the lame excuse given by the broker. Build a basket? what? did he go off into the park behind his office to weave it? Sheesh.
agreed bullshit being called http://www.elitetrader.com/vb/showthread.php?s=&postid=1545084#post1545084