Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 157.82

+0.9%

3:20 PM EST

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To: Kayaker who wrote (41755)	9/18/1999 12:53:00 PM
From: RoseCampion	Read Replies (3) of 152472

Bob - re: options exchanges - Rose, I don't see that. When I look at real time, time & sales data for QCOM options, the Pacific Exchange is always higher on the bid and ask; often as much as a 1-1/2 points. I usually only see the trades go through on the CBOE. I see what you're saying; I've never done that kind of comparison myself - like you I'm at the mercy of whichever exchange my broker (Fido) decides to route my request to. Luckily I think it's usually been CBOE. <g> In any case, I've _never_ had a market order on Q options not execute - in fact, I've almost never had a limit order not execute the moment that the market (as shown by whichever exchange Fido decides they're using to display prices on their RTQ system for that contract) hits my bid/ask. It's usually filled within seconds after that. (I don't have streaming RTQ quotes but am very, very quick with the "reload" button on my browser. <g>) Otherwise, I'm clueless, and don't pretend to be an expert. Three thoughts: (1) Any chance what you're seeing with the quotes is just time lag between getting the quotes from the various exchanges (probably not, now that I reread what you wrote); (2) Doesn't the options MM/specialist _have_ to honor a market order of 5 contracts or less? How can your orders simply "not execute" if they're at the posted price? (3) If this 'non-execution' happened as a matter of course, wouldn't Pershing and/or TDW stop routing orders through the Pac exchange? After all, they don't make any money on non-executions... Let us know if you find anything out sometime later. -Rose-

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