What did Jc mean? Am I tight or just a dishonest scumbag?

Search
Joined
Sep 21, 2004
Messages
1,026
Tokens
Posts: 547
Joined: Sep 2000
Saturday, October 27, 2001 0:17 AM




To all,

Books are not there to be shooting galleries like some new age video game. They are there to provide an honest service to honest customers. Some times books (employees) make mistakes, some bigger than others. Some more obvious than others. This is why they have mediators and ultimately regulators to help settle such disputes.

When I was trading options on the floor as a market maker we had a system called auto-ex. This would allow retail (and I use that term loosely) option customers to electronically buy or sell calls or puts from one of us in the crowd. We all signed up for it everyday and it was basically a big wheel. Some trades were good, some were bad. Some were 20 lots, others were 1 lots. You had no control of what your next "auto-ex" would be. On occasion a market would get way out of wack for a variety of reasons. Maybe the quote operator manually entered the wrong quote, maybe the auto update was set at the wrong date. Maybe a broker who cancelled his order didn't take it off the screen.

if someone got auto-exed on a bad marlet they could call floor officials and have the trade taken down if it was an obvious error. This did not include quotes that were right at the time of the stock and then the stock suddenly moved. These were legitimate errors. And this is why we hopefully have objective mediators and regulators to hear both sides and make a ruling. You can't quantify everything because if you do you are bound to leave something out and then the next case will say, "Well you didn't specifically state it." I think we all know an "obvious" bad line when we see one, especially those on this board who have multiple outs, do their own handicapping and have Don Best.

Similarly as an options trader I would trade stock against my positions. Sometimes I would have buy or sell orders outside the current market on instinet. Every once in a while one of those orders might get filled for no reason. Someone would pay $5 over the offer for several thousand share sand the stock would still be offered lower. I never even bothered to scalp out of that stock because I knew I would be getting a call from instinet eventually, and it wasn't always right away. I knew the trade was coming down.

So, even though this all looks like a big video game offshore or on wall street there are still people at the other end.



-------------------------
"Stand your ground. Don't fire unless fired upon. But if they want to have a war let it begin here."
Captain John Parker
Lexington Green
April 19, 1775
or
"But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security."

Scumbag extortion 101, distort anything and everything in an effort to be paid, every time you use his inits. in your dishonest attempts to portray PF as anything other than a dishonest scumbag, count on another JC quote




Reply Quote Top Bottom Edit
 

There's always next year, like in 75, 90-93, 99 &
Joined
Sep 20, 2004
Messages
15,270
Tokens
Who is JC? Jesus Christ?

If so, this is the apocolypse, so forget scammers ... start praying with the rest of the degenerate hell-bound sinners like me
icon_frown.gif


Blue will lead the sermon.
 

Forum statistics

Threads
1,106,768
Messages
13,438,832
Members
99,338
Latest member
chaicoca816
The RX is the sports betting industry's leading information portal for bonuses, picks, and sportsbook reviews. Find the best deals offered by a sportsbook in your state and browse our free picks section.FacebookTwitterInstagramContact Usforum@therx.com