Advice Needed, Screwed By the Broker

xhora · 1 Advice Needed, Screwed By the Broker Wed May 04, 2011 7:46 pm

xhora

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Guys I Need some advices please help me.

I put a BUY order for 100 shares HHL on 28th April (7 days ago)
Today I got a trade confirmation indicating that they have BUY 1000 shares of HHL on 4th May (today)

In my defence I gave the order by e-mail to my broker by clearly indicate to BUY 100 shares. So I think I can make them to reverse the transaction..

And also I Though BUY orders only valid till the END of THE DAY. Didn't have any Idea it can get executed after a week. Is that normal or have they screwed the entire thing???

Please your advices are highly appreciated.

Last edited by mark on Wed May 04, 2011 7:56 pm; edited 1 time in total (Reason for editing : spellings)

mark · 2 Re: Advice Needed, Screwed By the Broker Wed May 04, 2011 7:53 pm

mark

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it's not your fault,tell them that you given the order for only 100 shares,you should immediately contact the compliance officer/CEO of your broker firm......
just only pay for 100 shares,and if you want you can reverse the whole transaction,because you gave the instructions before 7 days......
but ask them whether they have put a GTC order at bargain price,..........

*so the best thing is go and meet CEO of the broker firm....

xhora · 3 Re: Advice Needed, Screwed By the Broker Wed May 04, 2011 8:01 pm

xhora

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I'm new to CSE what is a GTC order at bargain price??
So orders doesn't suppose to execute after trading day right?

milanka · 4 Re: Advice Needed, Screwed By the Broker Wed May 04, 2011 8:06 pm

milanka

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Although your request is for day order (1 day ) the broker entered the order for 4 or 5 days (ie : TIF = 4or 5 ). So after 4 market days it got matched and trade completed . Also for 100 shares he has entered 1000.
Contact the broker ASSP.

I am also not sure about revering the transaction. Await some help from other members on that.

mark · 5 Re: Advice Needed, Screwed By the Broker Wed May 04, 2011 8:12 pm

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GTC orders.....(good till cancel)
*An order to buy or sell a stock at a set price that is active until the investor decides to cancel it or the trade is executed.
*GTC orders can be placed for one to five market days(1-5)
*GTC orders will be valid until they are cancelled in the specified market days(1-5)
*normally placing for get the priority of execution of sell or buy order

BARGAIN....
*buying a stock at a lower price,which is attractive at the current price...
*wait until the seller comes and fill your buy order at your imaginary attractive price(bargain price is differ from one person to another)

need any further?

xhora · 6 Re: Advice Needed, Screwed By the Broker Wed May 04, 2011 8:16 pm

xhora

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thank for the info guys.

mark · 7 Re: Advice Needed, Screwed By the Broker Wed May 04, 2011 8:16 pm

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milanka wrote:Although your request is for day order (1 day ) the broker entered the order for 4 or 5 days (ie : TIF = 4or 5 ). So after 4 market days it got matched and trade completed . Also for 100 shares he has entered 1000.
Contact the broker ASSP.

I am also not sure about revering the transaction. Await some help from other members on that.

you have the proof that you gave the order for 100 shares,so it's not your mistake xhora
so if i were you i won't pay for balance 900 shares........

xhora · 8 UPDATE Thu May 05, 2011 10:45 am

xhora

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UPDATE :

Actually I didn't have to call them. Early in the morning they called me and apologized for the mistake and told me that I'll get a refund for 900 shares.

Good people!

mark · 9 Re: Advice Needed, Screwed By the Broker Thu May 05, 2011 8:07 pm

mark

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xhora wrote:UPDATE :

Actually I didn't have to call them. Early in the morning they called me and apologized for the mistake and told me that I'll get a refund for 900 shares.

Good people!

ya good people...........that's the professionality............ Cool

swan03 · 10 Re: Advice Needed, Screwed By the Broker Thu May 05, 2011 9:15 pm

swan03

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mark wrote:GTC orders.....(good till cancel)
*An order to buy or sell a stock at a set price that is active until the investor decides to cancel it or the trade is executed.
*GTC orders can be placed for one to five market days(1-5)
*GTC orders will be valid until they are cancelled in the specified market days(1-5)
*normally placing for get the priority of execution of sell or buy order

BARGAIN....
*buying a stock at a lower price,which is attractive at the current price...
*wait until the seller comes and fill your buy order at your imaginary attractive price(bargain price is differ from one person to another)

need any further?

Well explained malli.