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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: steve goldman who wrote (1706)12/10/1997 7:23:00 PM
From: Orhan Birol   of 12617
 
Steve,
Where I work, 80% of the orders are routed to PACE Philadelphia exchange which works completely to my customers' advantage:
The system, I shortly discovered is based on the # of shares traded on the NYSE. Suppose you want to buy 500 shares IBM 106-106 1/16, 100M by
100M. If the order to buy @106 (at the bid)goes to the NYSE 100M ahead, if it goes to the PACE where my shop sends it to, all you need is 1000 to trade in the NYSE and you are entitled to an execution although the bid is 100M. Now I am sure most of the brokers in my firm are not aware of this rule, and they would enter their buy orders on the offer side of the market. I have taken advantage of this system for 10 years and saved my a/c's a fortune. The catch is; this rule applies up to 500 shares. As all commissions incurred in one stock in one day is cumulative-the order can be broken into 500 share lots-of course within bounds-2 lots of 500 shares.
As to OTC, as I enter my orders from my terminal at home and always in the middle-between the bid and ask in 1000 share increments, my orders goes from my terminal straight to the mm computers, and I can see the qute change in a second and get executed immediately.
I am curious to know whether other firms have the same system in PACE executions and if they do, I wonder how many brokers are aware of the advantage I noted above.
Good trading,
Orhan
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