My broker gave me a fill for my day limit order at 4:00:10. I called them about it. The rep said that the fill "probably" happened before the market close and that the MM may have been too busy to report it on time. The MM was the broker itself. I asked if they could find out when the fill actually occured, and the rep I talked to said "no". Is this reasonable on their part?
Every trade is reported to the consolidated tape. Dont take no for an answer. If the order was a day order and executed at 4:00:01 you can fight it.
hehehe i wouldn't take that for an answer. www.sec.gov if they won't cancel the fill if it printed at 4:00:10, then as far as you're concerned, it happened after the mkt closed and there isn't a goddamn thing the MM can do to fight it. his own fault for not filling you by 4:00:00 if you really don't want the fill, i'd tell them they can either eat the trade or you'll file an SEC complaint.
If the tape print is after the close it is not valid and it is your discretion if you want to accept it. If you say bust then they need to do so. Call your broker back and ask to speak to someone else - like their compliance officer.
Easy decision, although not necessarily the most ethical. Is it a winner ???? Then keep it, if not, then tell the broker that they own the trade. Day orders are (should be) cancelled at 4:00 EST, anything after that is after hours. Believe me, the firm would much rather eat the trade than deal with the SEC complaint. Vega
I hate to be the bearer of bad news. The market closes at 4:03 on The NYSE. On the floor an order can be clocked at 3:59:59 and get printed until 4:03. If your stock ws open after 4:00 then it is a good print. This is from my experience trading listed stocks. I can not guess on the NASDAQ policy on a print. Just my .02! Good Luck. ebo
I.M.O. sorry if this is incorrect... The NYSE closes each stock on a closing rotation. Sometimes the closing rotation does not take place til after the close... I have seen them 5-6 minutes after the close. OTC Stocks: It must hit the tape within 90 seconds of the trade (not right that second) is the rule. So if the broker executed it 30 seconds before the bell he is withing the rules to print it at 1 minute after. If he breaks those rules it does not mean you can refuse the trade, it just means they have potentially citable offense. If they let it go past 90 seconds it just has to have a .T modifier on it and it O.K. Botton line is regulators say you have to be told of your execution by the opening of the next trading day. The only recourse you have is the power of your commissions. Threaten them and they may accomodate you. Usually the attitude will be "You place the trade... it is yours."
true..but if his actual execution was ten seconds after the close he can bust it. To really know he must get the branch sequence number and time from the broker who executed.
The Brokerage house will bust it to make you go away! They do not want bad press over some bull sh. Go to arbitration over your 100 share order, nah. If you have an order for example to sell 5,000 shares of JPM at 36.25 that you entered at 11AM and the stock has been trading all day between 35.75 and 36.20. Are you telling me that if a machine order comes in at 3:59 to buy 50Grand at the market and the specialist does not print it at your limit until 4:02 then you do not have to take the report if you are taken at the high? Of course you have to be given the report that day in a timely fashion. Can't we all just get along!