Is this fair? Is it common? I want to know.

[chasinfla]

Originally posted by chasinfla
i enter a market sell of 300 sh of a thin stock (there are 300 at the bid).

no trades.

this honest and upstanding American, 38 seconds later, prints exactly three hundred shares.

I get no fill.

One minute and 50 seconds later, after several unacknowledged 'status' requests, I am filled at the next print. 15 cents lower.

I'm still waiting to hear today's excuse from the floor.

As far as I am concerned, the man shorted from his own account into a standing buy order (that only he and the buyer and maybe the crowd knew about) because he knew, once my order was in, he'd be able to take my stock and cover in a riskless transaction -- he already knew he'd bundle me with 800 other shares that would be filled at the lower price.

If he can pull that off 50 times a day he's doing OK, and that on this one little bitty stock.

I don't mind the ups and downs...but I don't like being shafted, and having absolutely no recourse.

It's peanuts, you say. Exactly. No potential for a lawsuit. If he can keep picking pockets all day for 50 bucks at a time, who's going to fight it?

 

[chasinfla]

Peter Chapman

After being slapped with the largest fine in the history of the American Stock Exchange, Spear, Leeds & Kellogg is scrambling to clean up its floor act. On top of a $1 million judgement, Spear, Leeds has been ordered by the Amex to conduct a review of the supervision of its clearance and specialist operations on the floor. It must also adopt supervisory procedures for certain business units.

<a href="http://www.tradersmagazine.com/articledetail.cfm?mag_id=1&aid=1106&year=2002">Article.</a>