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Pastimes : CNBC -- critique.
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To: Gary M. Reed who wrote (2182)1/14/1999 3:14:00 PM
From: Wayners   of 17683
 
I used to think that Ameritrade past posted on me too--i.e. waiting to see what the stock did first before either saying I got filled or not--of course that is illegal. I don't think that's what they're doing now because I've gotten great fills that were reported late as well. If they gave a you the price it was trading at 9:50--then I'd say you had a beef with them. It should never take them 20 minutes to actually execute a market order--although I've seen some crazy delays with internet stocks of late.

You have to understand that the time of the execution of your order and time you get the fill report/confirmation are not the same. These online brokers send orders to market very quick and in your case it went to market and was actually filled at 9:32. Schwab is likely preferencing a Market Maker and that Market Maker has 30 seconds to sit on your order without having to do anything. There might have also been a queue. The thing is you are going to get the price at 9:32--not the price when you actually get the fill report/confirmation which might be as long as 45 minutes later with Ameritrade and 20 minutes with Schwab. They are just slow in their reporting and that's all. They don't have time to be playing past posting games in my opinion. I just changed brokers from Ameritrade to JPR Capital for the very reason of getting nearly instantaneous fill reports. Anything else is gambling. If you don't trust them watch the quotes leading up to the open. Place a limit order that you are reasonably sure will me a marketable order at the open. Whenever I did that I just about always got a price better than my limit price. Its like having a market order with at least some protection.
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