Fight The Power! -Your Broker Just Screwed U - Now What? Message Board

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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 7:04:00 PM
From: TFF	Read Replies (2) of 323

WhipsawMcGraw:(imho) The broker dealers love to make money! That is why they route the bulk of their orders to one market maker who will compensate them for order flow. The net result is clients of these national discount firms all end up in the hands of the 2 or 3 largest market makers on NASDAQ. And guess what? these market makers then PUT ASIDE LIMIT ORDERS during fast markets(open,after halts,IPO's)until they fill the market orders, and then hide behind NASDAQ Order Handling Rules if anyone complains telling them their systems couldn't handle the volume during peak times! DON'T YOU THINK MAYBE THE DISCOUNT FIRMS SHOULD USE ALTERNATE EXECUTION SYSTEMS IF THEY KNOW DAMN WELL THAT THESE MARKET MAKERS WHERE GOING TO BE OVERLOADED?? Every notice how bad market orders are filled during fast markets? these market makers have a license to print money during these times. They can play the spread either way and cover with market orders whenever they so wish. To think otherwise is to delude yourself that everyone on Wall St. is an angel;)

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