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Strategies & Market Trends : The Options Box
QQQ 609.65+2.1%Feb 6 4:00 PM EST
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To: Poet who wrote (9399)2/3/2001 10:46:32 AM
From: dli  Read Replies (1) of 10876
 
Poet what you're describing sounds like your order was routed to a different exchange than the one quoting the best offer. Theoretically this should cause a locked market on the composite quote but except for the ISE MMs often seem to refuse to adjust their quotes for customer orders or are very slow to do so. Most exchanges have introduced payment for order flow programs over the course of the last few months so most discount brokers are always sending their orders to the same exchange regardless of which exchange is quoting the best price. I think I've heard that some exchanges have agreed to match the best price as part of their order flow programs but obviously this does not seem to be universal practice. As I've said before the best solution is to get a broker that will let you route your orders yourself to the exchange of your choice.

Dave
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