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Non-Tech : Fight The Power! -Your Broker Just Screwed U - Now What?
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To: WhipsawMcGraw who wrote (85)12/7/1998 6:43:00 PM
From: Eric P  Read Replies (1) of 323
 
Oh no, that is horrible. What did you have: 50, 100 shares.

I think the condescending tone of your remarks is unwarranted. CanyonGirl placed an order to buy 1000 shares at 48 1/8 which was not properly represented by the market maker to whom it was routed.

Think Canyon Lady, they do not get paid if the order does not get executed. I am so sick of you people complaining about not getting orders executed. The Broker Dealers do not make one cent if the orders are not executed. Do you think they want to fail, go out of business to screw you?

You are obviously correct that the Broker Dealer does not "make one cent" unless the order is executed. However, if you read her post, you would have realized that her complaint was not with the Broker Dealer, her complaint was with the Market Maker.

Market Makers DO NOT make one cent by executing your orders. In fact, these market makers PAY money to get the order flow. Which means... the market makers actually LOSE money by executing your order. Unless... they are able to win the spread on the trade, which is very difficult to ethically do with a limit order.

To summarize, the market maker appears to have intentionally mishandled her order on the hopes of making a profit at her expense. I would complain, in her shoes, in an attempt to get the fill that may have been lost by the market makers error.

Let's try to lighten up a bit.

-Eric
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