January 10, 2005
Today I had an experience which was costly and would never have taken place on the NYSE or any other regulated stock exchange.By error I entered an order in PPH @ 71.55 instead of 72.55 after the NYSE market closed through Fidelity electronically and the order was directed to Archpeligo.The order was executed at my limit which was .63 below the close and .50 below the closing bid on the ASE as well as .63 below the closing bid on Archpeligo.On the NYSE the order never would have been executed without a query as to whether the limit was correct.Something is wrong in Denmark when something like this can take place.My call to Fidelity asking a reasonable price if not a cancellation fell on deaf ears.Regardless of the error initially being mine I can reasonably assure you that based on experience the NYSE or the executing broker on the NYSE would have looked out for my interest as a public customer.
This illustration is sent to you as an example of how the Public customer is being put at risk.I would also like to know why the Fidelity quote system for PPH does not display the ASE bid and ask but does display all the ECNs.