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Non-Tech : Fidelity FOX Spartan Brokerage

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To: SJS who wrote (169)	6/29/1999 10:37:00 PM
From: Stinkie	Read Replies (1) of 222

I feel anyone planning to use Fidelity for active trading will be dissapointed in both the software and executions. A company who promotes a product like their web site for trading doesn't understand the process and with the poor fills, just unbelievable. Traded WITC today. One of my fills took over 4 minutes. Then traded an IPO that took about 7 minutes to fill on both the buy and sell. They explained that this is very reasonable for an IPO as they do some sort of manual mumbo jumbo. Then they blamed the market maker. Of course, I stated that Fidelity owns the market maker. That is was a cop out to put the responsibilty on the market maker. Holding orders, selling order flow it all adds up and these fills were awful. The broker with an attitude, told me matter of factly, that I got a great fill and no broker could have executed any faster. Of course, a friend who works in my office bought and sold the same stock at the same time with Datek. His executions took about one minute each. He made $13,000 on the trade with Datek. I lost $2,000 with Fidelity. The only difference was entirely trade execution. And Fidelity sucked. Obviously, that "every second counts" is a running gag.

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