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Non-Tech : Waterhouse Securities

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To: Eric Yang who wrote (648)	8/5/1998 11:15:00 AM
From: Mama Bear	Read Replies (1) of 2076

""tough, MMs make mistakes and they reserve the right to make changes" I have an experience to relate. When I was using Waterhouse as a daytrader (not a good idea) I put in an order to buy 2000 GLIA @ 9, which was the bid. The order was represented on L2, and sat there. After a while, I decided that I had sat on the bid long enough, and entered a cancellation request. I went back to level 2 to see MASH (Waterhouse's mm) offer fall to 1000, then the 1000 disappear. I knew I had been plugged on 1000. Sure enough, I had been. I immediately offered it at 9 1/16, and was filled. The next morning I got a call, and was informed that the 2000 had actually been filled. It was an upsetting experience, although since I sold that 1000 at 9 3/4, not as bad as it could have been. It can happen. Barb

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