Another retail "PFOF" nightmare fill....

[Jaxon]

Quote from mrpace:

Are you sure you're looking at the right day? [/B]

sorry, wrong day!

Wednesday, April 12, I placed a trade to buy 300 shares of TSO at 10:29:59 (MARKET ORDER).

Your trade was Wednesday, but it was April 11 ! I should have noticed that your original post was just after midnight on the 12th, ie before all the prices I looked at for the 12th.

For the 11th, there were a lot of trades during that time period, and you were hurt as you described by the delay. Here are just a few "highlights" (There are many intervening trades)

time == price ====size
10:29:57 108.92 1
10:30:02 108.91 5
10:30.06 109.00 10
10:30.15 109.25 4
10:30.20 109.50 2
10:30.25 109.43 - 109.45 10 total
10:30.30 110.0
10:30.37 110.01 5

Numbers I am seeing must be 100s.

 

[indahook]

Quote from mrpace:



This wasn't an indictment of MARKET ORDERS, it was an indictment of the PAYMENT FOR ORDER FLOW retail broker scheme.

If my order went straight to NYSE, there is no doubt I would have gotten a way better fill....

Isnt a NYSE order going to a marker maker considered "interpositioning"? That is unsatisfactory. Call the NASD or SEC and complain.



Interpositioning

An illegal action of a specialist or broker-dealer unnecessarily inserting him/herself into a natural transaction between a buyer and seller in order to pocket an improper profit.

 

[mrpace]

Quote from indahook:

Isnt a NYSE order going to a marker maker considered "interpositioning"? That is unsatisfactory. Call the NASD or SEC and complain.

Well, my order was "Auto Routed" not placed specifically with NYSE (that's not an option with the broker I used in the trade example).

This whole thing smacks of a conspiracy considering the news that was about to break on oil at that time. I'm still pissed at how this all went down, but it's a lesson learned.

In my mind, the delay was caused by the MM waiting for the news to hit the wires, not by a "non-response" from Instinet....