Hi Community – not sure if this is the appropriate place to post this, but I am looking for some guidance.
I put a market order in for a number of SPY contracts expiring next week that were hedging my long position over the weekend. The price at the time was 2.30. TDAmeritrade was showing wacky Bid-Ask spreads (Asks higher than the Bid). The issue was caused by Nasdaq-PHLX which had a stale price and an overall processing issue. I guess my market order was routed there and failed to execute. I saw the position was not executing and so i put in another order and received a cannot execute on the position. I immediately called Ameritrade and was given a bunch of non-clear statements on their playbook and what I should do. In total, I could not execute the transaction for about 25 minutes and the price deteriorated against me during that period. They are taking no responsibility and calling my attempts pointless. They are saying that the issue was at the exchange and there was nothing I could do besides calling the exchange – why would the exchange do anything since I have no agreement with them. In any event, I have 2 issues with my situation, why are they routing to an exchange that obviously has a stale and inaccurate bid/ask – they should have controls in place to not allow trades being routed to an exchange being failed. Separately, why could I not execute for 25 minutes? The issue at the exchange was a total of 7 minutes 942 AM ET to 949 AM ET.
Does anyone have any suggestions on recourse or advice on what I can do? This should not happen on their platform and they know it. Even if an exchange goes down, it should be auto-rerouted. Separately, I should not be left clueless. Let me know if anyone can help. This is my second big issue with TDA in the past two months. I am probably leaving them after this incident.
Thanks
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