Yeah market orders should fill near instantly. Whos your broker? (not one of those $2-4 per trade unlimited share brokers i hope, as those guys usually batch up orders and execute a couple times a day) Last time I had an order take a long time like that (30 minutes to fill a market order for me) it was back when you actually had to call a broker, who then had to call the floor of the exchange, who then had to buy or sell, then call the broker back, then call me back. Generally those orders back then got filled in a minute or two, but i still remember that day when it took 30 minutes. I would've complained about how long it took, but the price worked to my advantage that day and I made $800. (had a $5k account so it was a pretty good day to say the least)
... maybe your order was routed to a manual exchange, or it was filled in a moment with very wide spreads ? What was the stock? What time? What type of order? What exchange? What price did you get filled with what time stamp?
This order was placed with TDA. I don´t depend on a single broker, though yeah, I remember those days... I bought my first stock 19 years ago. Anyway, I just wanted to know if I was the only one who suffered such a delay that day and so far it does seem so. I´m thinking of closing the position, then withdraw all the money from that account, and finally let the broker know how disappointed I am for the delay.
I think brokers should not be blamed because a number of options are available. Its should be the investor who should be careful at what he is investing at !
Make sure the fill time is an hour later not the report time. Tho prolly not relevant to today, in '87 I had some BSC covered calls that expired on Fri 10/16 maybe 50-75 cts in the money. That means that they should have been exercised (I sell the stock at the strike price of 17-1/2). Monday was the crash and my broker couldn't tell me for 6 trading days if I stiill owned the stock or not. By the time they figured it out, BSC was 14+. My claim was that their inability to inform me prevented me from acting in my best interest. They made up the difference. With the arb agreements we sign today, might be a very different story. But I'd chase them up the ladder (office manager, compliance, etc.) and would not accept a simple no response from a broker or a denial via a form letter/E-mail.
WTF? Absolute nonsense, there is no excuse for a 60 minute delay. Shit happens, systems go down, but a broker has a fiduciary duty to adjust that trade if the market order was accepted with a proper time stamp. Meet halfway, delay it 5-10 minutes, do something. In my years of working for a reputable retail broker, we always made the customer whole in situations like that. If you can't take the order because of chaos or system problems, you reject it. OP - Please complain to your broker ASAP and let us know what happens.
You say that you canceled the order and that the status changed to "Pending." Do you have confirmation that the order was actually canceled? I don't know what broker you are using, but the ones I'm familiar give you feedback in that regard: Fidelity shows you a canceled message for an order. TOS has an order screen where you can see if it was canceled. IB has a little red colored bar by the status, etc, etc. Until then, you must assume that the order is still live to be safe. If you can verify that the order was canceled and the execution took place after that, maybe you have a case. It might have been a good deal to get on the horn (or chat or whatever) when it didn't immediately cancel. My $0.02.
NO!!!!!!!!!! NOT acceptable!!!!!!!! That order should have been cancelled immediately! Who was the broker?