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Non-Tech : CyBerX
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To: CyBerCorp.com who wrote (135)11/10/1999 5:45:00 PM
From: E. Davies  Read Replies (6) of 212
 
Does anyone else wonder if Cyber is functioning properly?

I've had an extraordinarily hard time getting fills lately. I look back over my trades and almost *none* come from MM's.

Today I flat out proved that Cyber has drastically more problems getting fills than my discount broker Brown & Co.

Here's what happened:
1) At 9:48.06 I bought 800 shares of BEOS at 14 with a limit order (ISLD) with my cyber account.

2) The stock kept on dropping- so around 9:52 I placed an order with Brown to buy @ 13 1/2. Got some of it at 13 1/4.

3) Around 10:00 BEOS pulled back above 14. I put in a sell order for my cyber account at the ask 14 3/16 (I think) that didnt fill. Thats cool, cant expect to get a fill at the ask.

4) Here's where it got nasty! L2 showed 14 1/16x14 1/8 with only MM's at 14 1/16. I did everything I could think of to hit that bid! T&S shows the bid @ 14 1/16 from 10:01:10 all the way until 10:02:16, a full minute.
During that time I tried a Cyberlimit sell @ 14 1/16, a selectnet to the MM at 14 1/16, and a selectnet broadcast @ 14. Maybe more, I dont remember for sure. Waited about 10-15 seconds for each one. No fill. I have no way of knowing if the order was even put out on selectnet at all.

5) During the *same time* I placed a sell order with Brown @limit 14. It filled on the ask @14 1/8! T&S shows some buys occuring during that minute.

6) Finally the bid started dropping. I remember chasing it down by 1/16's until in desperation I placed a Cyber-market order to sell. The fills were from 13 7/8 to 13 5/8. They all came from ECNs.

This particular fiasco cost me roughly $250 (800 shares x 13 3/4 vs. 14 1/16). But this is no isolated incident. It happens to me all the time.

So- is this just uncooperative MM's or is Cyber not functioning properly? Any ideas?

Eric
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