On another subject...
Would any on you care to provide me with the names of online brokers that come highly recommended.
Ones that never give problem lending securities, that provide research and streaming quotes, continual real time position updates, etc. I don't care what the commissions are. I'll pay for quality.
After 3 years of almost problem free executions (if any, they all were previously resolved fairly) I have just experienced a very annoying event.
I placed a market order to buy 2k of a NYSE listed security. The market was 33.90 to 33.91; 1,000 bid by 2,600 shares offered.
Subsequent to my placing the order (with a time stamp), the stock traded at 33.90 and remained offered at 33.91 in size for the next three minutes.
.
I received an execution on 1k at 33.90 and 1k at 34.00.
When I asked why I paid 34 for the second thousandwhen the stock was offered at 33.91, the explanation is that their desk routed the order to the Boston exchange. No reason has been offered why they did that. That's what the desk did and they don't seem willing to change their mind and explain why the NYSE wasn't the FIRST place the order should have gone, if their price was the best.
(I very rarely place MARKET orders. 99% are LIMIT orders. Could this be the cause of the problem?)
Now, the grand total of damages is $90 but, I'm pissed enough to see if they are willing to lose my $3,000 a month in commissions when I move my account elsewhere.
Suggestions are appreciated. |
