Well in that case, if it was really a scam or as you say it is. Someone would've reported to SEC already. How do you know it was your broker sending the order for .30 and not another retail trader who hit .30 before your order?
That's easy to explain: if it were another trader, then my Bid would be higher than his Bid, so at top of the orderbook my Bid would be there instead of his Bid... The scam works only if the broker of the client intercepts and replaces the order...
I don't think just because you've a higher bid on an option you have priority over execution. I don't think that's how it works for options. For example, often I put a limit bid at .99 and I see the last price flash to .96. Someone bid lower and got filled before me. So in this case, you threw limit order at .35 and someone sold at .30 and filled the .30 buyer. Simple as that....
Linkage wouldn't allow that unless it's a conditional order. How many venues are this option traded on? As I said the entire thing sounds like Bullshit. A "firm" order would kick out. Untouched by human interaction. Either a material omission of fact or Bullshit.
I guess the broker does it on select clients, on those whom it thinks are beginners and won't detect the fraud...
Someone has to be the first to notice. At least 3 people on this thread have noticed, I've never seen anyone else talk about this. It is possible this is the first time retail people have talked about it with others.
Really? That's indeed similar to my case. But you think it's ok, whereas I think it's not ok. Of course assuming this is a Bid for a Long trade, and not for a Short trade.
That's just how it works for options. There has to be a buyer/seller for each matching price. Even if you fat finger and put an order to buy at $1000 a contract if nobody was selling at $1000 it won't get filled.
Three people on an anonymous forum. Is easily a feeding frenzy of folks who aren't aware of how markets and safeguards work. Whistleblower rewards anyone? No just flame them on Real Traders. Everyone here has ghosts in their closet and under their beds.
It would be interesting to know why GotherL and ajacobson are siding with the brokers?... Are they somehow involved in this? @GotherL, please stop spreading false information about how the orderbook functions, it's embarrassing.