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Say,
Has anyone been pulling some strange fills from the
New York markets lately?
Stuff like:
Order: Buy 10 Oct Sugar 11.00 calls 35 OR BETTER on the Open
(Sugar previous settlement : 35 )
11.00 Sugar calls open at 29, trade down and then move
rapidly up to 45
Trading desk calls to tell me that I have been filled at 35.
In Sugar options, with liquidity like the Mississipi?
I don't think so!!
So, I argued and got my fill at 29.
Well, today really tore it.
Looking to enter Cotton on a buy stop at 65.05
at 10:12, the market trades up to 65.05 drops
briefly to 65.00 and then hops up to 65.31, drops
a bit and moves rapidly to the 65.70 level.
No sweat, I figure. I was in before the floor hit the
stops.
The trading desk calls with my fill at ** 65.60 !!! **
Naturally, I expect slippage in Cotton, but this baby
looked like the slide at DisneyWorld.
My broker has Compliance climbing all over these
hot dogs. WHAT is going on?
These problems surfaced when
my brokerage started clearing through a new
clearing house. Is it possible that they are dumping
contracts to floor traders that they are sponsoring?
Is anyone else having these problems, or is somebody
bagging me here.
Walt Downs
CIS Trading
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