Scottrade - Failing to execute GTC Stop Option Orders on Time

Posted on Friday, July 1st, 2005 at 12:00am CDT by 7e5cee4d

Company: Scottrade - Failing to execute GTC Stop Option Orders on Time

Category: Other

Scottrade - Failing to execute GTC Stop Option Orders on Time

Hello There,

I had submitted a GTC Stop Option Order in my Scottrade account for a stop of 9.5.

To my surprise my orders were never executed even after the price fell below the stop order. When I called Scottrade, at first they had no explanation for it, they asked for some time. Next day morning to my surprise my orders were executed at a price of 9.3 (eventhough my stop order was for 9.5) plus on top they charged me trading fee for such a wonderfull service.

I kept on demanding an explanation on why my orders were not executed on time, I got an explanation email stating that GTC STOP OPTION orders are manually executed and my order was missed due to manual error.

Was wondering which century Scottrade lives in? In the market which is so volatile they execute orders manually...!!!

Yogesh

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