I attempted to sell 15 shares of BRKB at the MARKET at the opening of 8/11/09. I put this order in at 2:08 am New York time through my Ameritrade Account.
However, BRKB did not open on the NYSE at 9;30am. Reuters said " The New York Stock Exchange orders for one or ten share units os some securities, including BRKA.N and BRKB.N were"inhibited" after the open and were in the process of being cancelled".
It just happens that BRKB did open on mid-west exchanges for $3,380.00 at the opening @ 8:30 Central time.
My 15 shs were sold at 1:20 pm in New york for $3,280.00 or a loss $100.00 per share or $1,500.00. Also note the shares were sold as 10shs and 5shs by NYSE ,s shown on my Ameritrade a/c, I think NYSE sold the shares in order to conform to the Reuters note of one to ten shares were cancelled.
I requested Ameritrade to reimburse me for the $1500.00 error but their Supervisor Ms. Marsha Taylor said "Ameritrade is not going to take the hit for this $1500.00 mistake".
Any ideas of what I can do to recoup the $1500.00?
I think you would need to select 'ALL or NONE' option with limit price at which you would like to sell / buy the shares. That would force a sell or buy at limit or better price for the trade and all the shares in one transaction.
I thought that was the correct answer too until recently when one of my trade resulted in trouble even with the limit price. Usually, I do not check right away but this time I checked and found the filled price was later changed to $4 loss per share for me. Got out of the market for the time being on my own traded but other managed by financial firms may be going through same or not ?