Suppose you place a market buy order when a commodity is at 100 and the broker screws up and does not execute the order. Hours later, or the next morning, while you are screaming "where's my fill" the market is at 95. If the broker then buys it, is the broker supposed to give you the 100 price or the 95 price? Twice in the last two years I have a suspicion that this has happened but the broker has said that they were backed up, etc. If the answer to question 1 is 95, the price that he buys it at after he realizes the screw up, but he is saying that it was filled promptly at 100 but they had misplaced the fill report, can I see the ticket that shows at what time and at what price it was bought for me?
That has happened to me (the broker never executed the order) with a market on close order, and I got the close price, the next day when it became apparent that it hadn't been filled. I have to say if your broker waits for several hours to give you a fill on a market order, they suck. What market? what broker? if you mind me asking. I could be wrong, but I'd bet that you have every right to see the actual ticket with the time stamp.
Once was in FCOJ, once in cattle. Both were fast market situations, but we're not talking about normal fast market delay. In the FCOJ it wasn't straightened out until the next day after much screaming by me. In that case their counsel wrote me a letter saying that the floor broker was doing his best, they would make me whole this time, blamed me for having changed the order (though much previously), and told me that they would only have me continue if I agreed not to bitch in the future unless it was gross negligence. The other situation was yesterday in April Hogs. I had a sell stop that was executed as it collapsed. When I saw how fast it tanked I bought at market to cover. It then proceeded much lower as I was asking for my fill. They finally gave me a fill at a price that I was satisfied with, but it caused me to post this question so I would know for the future.
If this has happened twice its time to find a new broker. He should be going over all of his tickets at the end of day no matter how late he has to stay. He has an error account for this very reason, no matter if the position goes against him or for him you should get your closing price (not the next days price). Happens twice shame on him, happens a third time shame on you. If you do end up leaving, politely tell him the reason why. If he is screwing around with you he needs to be confronted. Also dont hesitate to talk to compliance. If you don't mind me asking which firm are you at, if not I totally understand.
pit markets have "out trade" sessions before the next days opening where mismatched orders are settled..... I have had several limit orders filled in such a session and never do I send a market order for pit traded anything...........
Looking at it from the legal view, you would get the 100 price. In case of arbitration, if the broker buys it back at 95, maybe you would get 98 or so. However, considering you are probably paying $10 or more per RT (what firm ?) I would move the business elsewhere. If you trade 1 or 2 lots, pit guys will always show you their a****, sad but true. Their usual argumentation is: "Because you screwed around with cancel/replaces of your one lot, I made an error with an 100 lot and it cost me 50k.Blah."
I'd rather not mention the name of the firm, but it is a VERY large firm. If all goes well with IB's pit access I will migrate much from there to IB. I have my own strong personal reasons not to leave the other firm, however.