ECN Bogus Bids and offers, Manipulation BY MMs Message Board

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Non-Tech : ECN Bogus Bids and offers, Manipulation BY MMs

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To: Anthony@Pacific who wrote ()	7/20/1999 7:48:00 PM
From: kaydee	Read Replies (1) of 112

Anthony, an excellent topic, Thanks... I have an account with ETrade. I am a Platinum level customer for the last 5 years. Last 3-4 weeks I had an opportunity to look at Level II using quote.com whenever I placed an order. I observed that, ETrade normally sends those orders to NITE/HRZG/. (I always place buy orders a little above ask & sell orders a little below bid.) Whenever my order went to HRZG, I always got bad fills. HRZG always fills only the first 100/200 shares and there is always a little delay in posting my order on Level II. I always ended up changing the order and paying a higher price on buys, but again fills like only 100/200 shares mostly. This MM does not provide any liquidity, and I feel cheated. On the other hand, no matter what one feels about NITE, I have seen NITE providing some liquidity. NITE fills the entire order most of the times as long as it is at-or-above ask while buying & at-or-below the bid while selling. Do any of you face this kind of situation and what you would have done. ETrade is yet to provide ECNs, I have a 8-5 job so I am not looking for any day trading type brokerages. ETrade says, I can not choose the MM. Thanks, DB

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