Discussion in 'Options' started by white17, Apr 23, 2003.

  1. white17


    Well here's a new one on me; Today I entered an order to sell 23 contracts @3.00. The current ask was 3.10. After sixty seconds 10 contracts @ 3.00 display on the ask only to be immediately over ridden by 55 @ 3.10. This continued for about an hour. They would display 10 @ 3.00 but immediately jump on top and display at 3.10.

    IB called the floor and here is the floors response;

    Dear Trader,

    Spoke with the floor staff and the order was a working order at all times.
    Auto quote takes precedence over orders in the books. Sounds crazy, I know.
    I requested that we book a complaint to the broker that was working the order.

    Please note that we did register a complaint over this.

    Thanks for your patience,

    IB Customer Service

    Anybody run into this one before?
  2. just21


    Did you send the order to cboe or did smart send it there? I think I would have cancelled and routed it to ise if they traded that market.
  3. just21


    If you'd cancelled, you would have got filled!
  4. omcate


    Yes. That happened to me few times:

    I put in a limit order to write some options. Even though the bid price rose to the limit price, the order was not filled for minutes. The market makers just took their time. I tried to cancel the order, and it was filled at lightening speed.

    :p :p :p
    :D :D :D
  5. white17


    It was SMART routed but only CBOE trades that series. The OEX
  6. This is just an instance of what lawlessness is going on in the U.S. options market. Meanwhile, they also bust fills disfavor to them whenever whenever whenever they want. These Bastards. This is a crooked criminal industry. Do not be a the next victim recruited.

    Do not, I repeat, DO NOT touch options!

  7. I had similar problems with the OEX/XEO pit trying to take an offer on April expiration Thursday.
  8. It happens to me all of the time at the CBOE. I hate those MFers.

    Sadly, I still trade OEX.

    As a matter of fact... I just had an order out to buy at 2.10 (.05 better than the MM) and it had been working for a few minutes... I just saw 15 options trade at the MM and yet I have NO FILL. :(

    Ah, well.
  9. white17


    StockApprentice: I think I'd scream about that one. For all the good it will do you. I think this is a cosequence of no multiple listings on OEX.....among other things.
  10. Fool me once, shame on you. Fool me twice, shame on me.
    #10     May 1, 2003