Order busting
- Thread starter NoMoreOptions
- Start date
ARCA and INET have both busted trades on me days late. I complain to my broker when this happens and they tell me they were informed late and there is nothing I can do. If I were to try to bust days late, I doubt I would get much sympathy from ARCA or INET. These ECNs say one thing (i.e., their "official" busting policies) and do another. For example:
Recently I accidentally submitted a clearly erroneous buy order in the aftermarket on INET (> 3% off the close). I was filled before I could cancel and I immediately called in to bust it. My bust request was rejected even though there was no news on the stock and it did not trade the rest of the aftermarket.
Recently I shorted some shares of a stock on ARCA that were not bustable according to the rules on their website. They busted the trade anyway. My response was, "If that is a bustable trade, then modify your policy so I know the true bustable parameters." I never heard back from ARCA on this suggestion.
Maybe one time or two times I can handle obvious inequities in the busting process, but it has happened so many times now that I just accept that the process is rigged.
that exactly my point , but i believe -it all depends how big the boy on other side. those bastards for some reason can use their time machine and we are not. example-good news is out- shock shoot up-you short it AH. if next day stock traded higher-he will keep the stock and smile, if stock traded at same level, like yesterday-he will call and bust trade. it win win situation for him,and if you do same thing-you order will be busted. happends many times.
I think the busting "process" and rules should be the next thing the SEC looks into.
Trade busting sure seemes rigged against the small guy. And what the hell is "away from the market?" The market is where the last trade was! If some bozo, even me, sends in a bad limit way above or below and it trades - that's too freakin bad. I'll take the responsibility for my own f-ups.
Busting the first trade for pretty much any reason they want is bad enough, but NOT busting resultant trades based on the first one really sux.
I don't know if the SEC or whoever could change things without screwing things up, but the whole busting deal sure seems ripe for abuse.
Trade busting sure seemes rigged against the small guy. And what the hell is "away from the market?" The market is where the last trade was! If some bozo, even me, sends in a bad limit way above or below and it trades - that's too freakin bad. I'll take the responsibility for my own f-ups.
Busting the first trade for pretty much any reason they want is bad enough, but NOT busting resultant trades based on the first one really sux.
I don't know if the SEC or whoever could change things without screwing things up, but the whole busting deal sure seems ripe for abuse.
I dont understand why you dont get a lawyer and sue. I had a broker bust a trade on me a few years ago saying blah, blah, blah - the stock had doubled in 2 days, and I was pulling my account from them after settlement. The broker thought since the account was leaving he could bust it and then claim I couldnt settle. This would put the profit in his pocket, by the way.
My lawyer sued, we went to arbitration, we demand all records for 5 years on busted trades, suddenly the broker is calling and says it was an admin oversight, heres your money.
Get a lawyer and sue is good advice.
My lawyer sued, we went to arbitration, we demand all records for 5 years on busted trades, suddenly the broker is calling and says it was an admin oversight, heres your money.
Get a lawyer and sue is good advice.