NYSE specialists concerned with legalities? I am rolling on the floor laughing. Next thing you will ask if the specialists are ethical.
It is possible for the specialist to have filled others and not you. What could've happened is that the specialist already had market orders to sell, which would take priority over you. So if you put the bid in after he had decided where to fill everyone, he doesn't have to fill a limit order even if it is better. I know you're order was out there for 30 seconds, but he may have just been waiting to see what would happen, before printing those market orders ahead. So he just ran out of stock. I'm sure you've experienced situations where the your market order hung around for a minute or so. You should also check your execution system and quote feed, cause they could've also been dealyed at that point, and the quote was several seconds behind. I know that does happen, especially if u use AT Financial.
I have had a similar problem recently (limit orders not filled). I found out that, for some reason, my orders ended up routed on another SE (I tracked this through the esignal quote montage). So, logically, when the stock on the NYSE was not reaching far enough for my bid on the other exchange to be taken, I was left with an unfilled order. Of course, when the stock went past my limit, I got filled, so I was not able to notice the problem instantly. Maybe you also had a routing problem. OHLC
But I would complain anyway, cause you never know what the outcome will be. Next time you encounter a situation like this, complain immediately and don't wait. They take it more seriously, and there is a bigger chance you'll get a trade correction, if you do it within a few minutes of the incident.
OK, the final question then, was the last print at 28.39 printed MORE than 2 minutes from the time you put your bid in? If so, you are entitled to that trade and your broker should put in a complaint at your request (if you still want the trade at this moment). If it was NOT more than 2 minutes, then you've been played and there's nothing you can do about it. I've seen it happen numerous times and every time we bring it up with our clearing firm (and 2 minutes has passed), we get restitution. Sometimes if it's a trade that you didn't want a fill on (in this example, went down and kept going), we just keep our mouths shut. We've even had traders have it happen to them in the morning and they didn't bring it up until later in the day and we get them the stock at that price even though it's moved in their favor by a significant amount.
I agree with calibertrader. Complain, and do it pronto. Years ago I was trading spoos off the floor and had a stop in. I was watcing time and sales print and my order should have never gone off. It did, and I called immediately. It took them an hour to sort thru things and then the order filler had to eat the trade. Of course he is screaming wondering why I waited an hour to call. I hadn't. The brokerage took their sweet time. But it didn't matter to me, they were all wrong. Bottom line is...the worst that can happen is nothing.
The danger in that is an opening order you fight for that they give you the fill after the market moves against your potential position; that happens to us all the time ...
I have times where I put a short or a buy on NYSE stocks It traded past the level I wanted to short or buy, then reversed direction. Of course I didn't get the fill. Only if the stock was going to keep moving against you, you will more likely be filled at the price you specified even though it traded past it already. If this was a Nasdaq stock and I put my order on Island ECN, then I would've got the fill for sure once it traded past my price. That why I wonder how why people trade only NYSE stocks where the specialist is able to fill you only when it's really going to screw you.
Im with you, this specialist in c is awful, definately playing games with some institution, picking every decisive trend move to whack stuff out as well as ignoring orders and turning the nx off constantly...it still beats the flashing incas and the 100 mm's to deal with in otc
Thanks everyone for the replies and the couple of PM. I found out what I wanted to find out. Looks like it is part of trading NYSE. It sucks but I guess you learn to live with it if you trade NYSE. Good info for me for the future though. I was pretty pissed this morning about it, but if I am going to trade NYSE no use getting mad about it and screwing up my own trading. Now I know and as GI JOE use to say "knowing is half the battle". That might be a good footer for my posts.