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Alliancebernstein Income Fund Message Board

  • hirsct hirsct Jan 22, 2008 10:55 AM Flag

    WHY DON'T I GET A FILL?

    the following buy limit orders entered prior to today's open remain unfilled as I type:
    PPR @ 5.50
    APU @ 26.25
    GXC @ 70

    the NYSE uses 25 year-old technology and is structured to screw the investing public. Reported trading ranges for their stocks on volatile trading days like today are tales of fiction designed to benefit the privledged few.

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    • Thanks. Overall I was pleased with AMTD. Only when I had really big trades was there ever an issue. Making large trades in ACG could move the stock over $.50 depending on which direction your moving.

      I usually just shot through blocks of 10K shares one at a time until I filled my orders. This usually took several days. Other platforms like trade station will automatically shoot through orders in small increments until your order is complete. This way the MM doesn't know the complete size of an order. However, I liked AMTD's full array of products so I stuck with them.

      In my hedge fund, I don't need a custodian since I'm not in the stock or bond markets.

      Best of luck.

    • good luck with your new custodian. I can't imagine any firm that works harder for their advisors than Ameritrade Institutional.

    • Yeah, Ameritrade had done that in the past too (i.e. give me credit for the trades that should've happened).

      My gut feel on the incident last summer is that the immense volume of my trades was more than Ameritrade was willing to eat and they knew that I was moving my clients off their platform and into my hedge fund. Therefore they made a business decision. I don't fault Ameritrade per se; my beef was with the MM.

    • I think the business in general has become a secondary issue due the fact these folks have been enabled to funnel not only millions but hundred of millions into their own personal accounts and this greed may be what brings capitalism to an end and the US with it.

    • It's true, the free lunch group think amongst Bulge Bracket firms only explainable as mass hysteria.

    • If only they were better bankers.

      Just kidding, but who's laughing about
      the mess these people have made of
      their businesses?

    • FWIW, I have an order to sell DUG, the Oil and Gas inverse,
      at limit "under protest" at Fidelity, since the stock opened above the limit and gained 3 or so points before
      reversing.

      Appears that the executions and record keeping are running
      behind, so the upshot is that they don't know whether the
      order was actually elected or not. Exchanges and makers
      having trouble keeping up.

      BTW, these limit orders are not the way to trade fast moving markets. I only placed such an order, at first resistance, because I knew I wouldn't be around this
      morning to watch the monitor. Otherwise, no way: you
      sit down at the monitor and trade at the market shown there or take your chances on such cock-ups.

      If you don't want to or can't do that, then I'd wait for
      a quieter interval and place that limit order close to the
      quotation.

      • 1 Reply to phage1998_992002
      • update:
        late reporting just gave me fills on 2 of 3 of my orders. and the timing could not have been better given market bounce. I guess this kinda makes my rant against NYSE look a bit foolish. I still hate em.
        Grey Goose consumption will begin extra early this evening.

        btw phage, I'm not mentioning my firm. I'm afraid they'll take away the trades.

    • It's times like this that having a negotiated rate agreement with a full service broker pays major dividends. Discounters online systems universally swamped.

 
ACG
7.57+0.040(+0.53%)Jan 30 4:02 PMEST

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