Hi Everyone.
So i got super screwed on Friday on a trade bust through AMEX and i need advice as to how to proceed, and if there is any recourse.
The stock was EWH. Pull up a time and sales and see what i mean. Stock is trading at 15.35 ish, and I see amex print all the way up to 15.60 @ 13.54.29. Logically, I offer 25k @ 15.60 shortly after, and 25k @ 15.65. At 13.56.13, i get filled short 25k @ 16.00, and then 1 second later i get partialed 600 shares @ 15.65. I get out for a nice profit at 15.46 10 seconds later. Then, at 4:35 after market, amex sends me back 25k of the shares saying its erroneous due to rule 135A AEMI-ONE. This means a floor official reviewed the trade after the guy complained and broke it. They do not send me back the 600 i sold short at 15.65.
Can I do anything? I couldnt get out after hours, so now im long 25k EWH @15.46 and the international markets are going down. Im going to lose huge.
Why did i get price improved on my orders @ 15.60? It can clearly be seen that someone bought around 200k shares on AMEX 2 minute prior up to 15.60. So if they want to move 942k (next print) it seems logical they would move the market up to 16.00 if they are in that much of a rush.
This is all a load of crap in my opinion and so unfair. Im losing a large junk of my years profits on this. The rules say they are allowed to modify the price of a transaction... all i wanted was the shares at 15.60. They also gave no indication the shares were coming back so I was totally screwed after hours.
Help?
So i got super screwed on Friday on a trade bust through AMEX and i need advice as to how to proceed, and if there is any recourse.
The stock was EWH. Pull up a time and sales and see what i mean. Stock is trading at 15.35 ish, and I see amex print all the way up to 15.60 @ 13.54.29. Logically, I offer 25k @ 15.60 shortly after, and 25k @ 15.65. At 13.56.13, i get filled short 25k @ 16.00, and then 1 second later i get partialed 600 shares @ 15.65. I get out for a nice profit at 15.46 10 seconds later. Then, at 4:35 after market, amex sends me back 25k of the shares saying its erroneous due to rule 135A AEMI-ONE. This means a floor official reviewed the trade after the guy complained and broke it. They do not send me back the 600 i sold short at 15.65.
Can I do anything? I couldnt get out after hours, so now im long 25k EWH @15.46 and the international markets are going down. Im going to lose huge.
Why did i get price improved on my orders @ 15.60? It can clearly be seen that someone bought around 200k shares on AMEX 2 minute prior up to 15.60. So if they want to move 942k (next print) it seems logical they would move the market up to 16.00 if they are in that much of a rush.
This is all a load of crap in my opinion and so unfair. Im losing a large junk of my years profits on this. The rules say they are allowed to modify the price of a transaction... all i wanted was the shares at 15.60. They also gave no indication the shares were coming back so I was totally screwed after hours.
Help?