November 13, 2012
I have been waiting patiently for a resolution on the facebook debacle. As a lifelong floor broker I cannot understand what the issue is. I have made mistakes in my career with customer execution & was held accountable each & every time. In those instances I took my checkbook out & made full restitution to make the customer whole. Plain & simple! I didn't talk about it for for 6 months & try to offer them less than what they were entitled to. The irony in the situation is these exchanges/platforms are the reason people like myself are no longer employed in the capacity we once were. The least they can do is hold themselves up to the same standards that myself & others before me have for the last 100 years. I had an order to sell 50,000 shares on the opening. The order was placed 25 minutes prior to the opening auction & is entitled to a fill price of $42. The actual execution took place 4 hours later at a price of 41.4732 the difference in the execution is $26,340.00. Any credit less than that is shameful & is not consistent with "just & equitable principals of trade".
Thank you ahead of time for your consideration in this matter.