The broker says "$0 commission" and at the same time a "fee of $0.65 per contract" Ie. effectively $0.65 per contract. Yeah, afterwards, after they have been caught-in-the-act, they can give any of these preformulated reasons... Never a "fault" of themselves, always a fault of others... The usual default excuse in such circles... BTW, an interesting read that explains PFOF (Payment For Order Flow) : https://public.com/learn/payment-for-order-flow-pfof-explained-and-why-it-matters But of course usually a more "authentic" info can be found at wikipedia: https://en.wikipedia.org/wiki/Payment_for_order_flow So, then it's an attempted fraud committed by the market maker. But then the control instance of the broker has failed as well. The question is: Why? Why does the broker not verify that the order landed correctly in the market? Testing this programmatically is IMO very well possible!...
This will not be a surprise, it's not the first time nor the last time SEC Charges Direct Edge Exchanges With Failing to Properly Describe Order Types https://www.sec.gov/news/pressrelease/2015-2.html All hope is lost till the fair put arrives.
I can't stop facepalming...really. The order is the brokers (not yours). The market maker has no influence on the order nor can he change the price. The broker is bound by best execution rules. If you post a volatility order, price will change with spot and vol. Attempted fraud of the market maker...made me chuckle. Not knowing the difference between commission and fees (exchange fees, clearing fees, et al) made me rofl All the tinfoil hats in this thread should really update themselves regarding current market structure. OP should read into his brokers 606 report.
Best execution ... is there such a thing in modern markets? Rep. Brad Sherman accused Citadel CEO Ken Griffin of "wasting his time" during a Congressional hearing about January's GameStop stock trading frenzy on Thursday. Sherman, a Democrat from California, became heated and interrupted Griffin multiple times as he questioned the executive if Citadel gives better prices to certain brokerages, like Robinhood and Fidelity, to execute their trades. Griffin began answering the question by explaining the quality of Citadel's execution varies by how the order comes in and the size of the order received. Sherman said Griffin did not answer his question directly, and instead avoided answering by "making up other questions." "You are doing a great job of wasting my time," Sherman said. "If you're going to filibuster you should run for the Senate."
MrMuppet, what is your explanation of this scenario, ie. what do you think has happened and whom to blame for the error? Why did my Bid not land in the orderbook, and instead a lower Bid of someone else landed there? For more than a week long, then suddenly it got fixed after I complained to the broker. What is your explanation for this all?