Price change on pit trade -- the next day???

Discussion in 'Retail Brokers' started by SideShowBob, May 30, 2007.

  1. I received an email today from my pit broker informing me there was a price change on a trade from yesterday of 3 ticks (guess what .... not in my favor). Is this normal for pit trades? I can see it taking a long time to get a fill, but price changes the following day seems suspicious.....
  2. It happens. Most the time legitimately.

    Stuff like: The floor broker or his clerk wrote down the wrong price on the ticket or their penmanship was misread by your firm's desk clerk.

    Every day there's zillions of outrades (mismatched trades). Many are "price outs". I think I paid you 5 1/4 you think I paid you 5 3/4. Almost without exception if the discrepancy is customer order vs. floor trader (local) the error will go in favor of the customer. Floor broker's don't like telling their customer firms that a trade price is being changed for the worse. Locals depend on trades from brokers. The food chain is complete. Customer's win.

    Still sorry to hear about it. Hopefully the next one goes "your way".
  3. It was $30, not a big deal....but still frustrating.....the original fill was off by a factor of 10, they fixed that but still messed it up. Makes me wonder though ... obviously it was scrutinized yesterday....then a new price today....