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THE DOCTOR wrote:
>
> You were clearly trading futures options at the CME...which raises three
> issues.
>
> 1, Assuming your prices are accurate is a not able order allowed. The
> futures community ALLOWS the order to receive a not able. It used to be
> most common in really thin markets and is almost unheard of in any
> Chicago market, but it is legal.
>
> 2, Did you get your broker to "quote" the spread and did a spread quote
> exist? Again in futures options the individual options could trade
> and...believe it or not....a spread quote may not exist. Again almost
> unheard of in the S & P...was there a spread quote. A good broker would
> have come back with the current spread quote. In general it sounds like
> you broker really did a very poor job of representing your order.
>
> 3, What does not able really mean in futures....Again you are not going
> to believe this, but most likely the exact contra party to your trade
> was simply not around that day.....Again a good broker would have looked
> at the individual option markets(an excellent broker would have gotten
> the crowd to "stop" your order at a price that fit your limit{again
> assuming your view of price action is correct}). The crowd probably
> didn't want..on that day or at that point in time..to be left with the
> open short side of your trade.
>
> By the way..for what it's worth none of these actions would be allowed
> in the securities industry. When you quoted ticks I assumed you had to
> be talking the CME. At the CBOE we actively quote spread markets and
> shortly we will even be offering displayed spread quotes(on some
> issues)and the exchange will actually institute a spread fee schedule.
> Enough pandering for the securities markets. The bottom line is your
> broker did a really rotten job of representing your order. The fact
> that market action helped is really not important...what if it had gone
> the other way?
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