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Pastimes : Brokerage-Chat Site Securities Fraud: A Lawsuit
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To: CountofMoneyCristo who started this subject7/23/2003 5:12:00 PM
From: CountofMoneyCristo  Read Replies (1) of 3143
 
You all aware that Cyber was paid by the ISLD ECN for order flow? Per trade. They never made clear disclosure of that practice to their clients. In fact, they said that they would never do such a thing:

web.archive.org

Let's see here, what does Cyber say?:

Low cost commissions from many current, first generation, online brokers often hide the truth.

The truth is that the broker is getting paid twice.

And the trader is usually paying three times.

Many traditional brokers receive an order and then direct orders to a "favored" market maker in return for order flow payment from that market maker! Others send it to an in-house order matching system, or ECN, hoping to find a match. Few offer independent, electronic, direct and full access to the market.

Equally, the data provided by these online trading services are often delayed and very limited.

Online traders who have become more educated regarding market mechanics and system choices are demanding more.

Also, with CyBerBroker, your order is transmitted to the entire and appropriate market. Other systems use just one market maker who can pick and choose between orders and prices to suit his needs - not the trader's needs, or will look for a 'match' on one internal ECN first, before offering it out to any other possible counter party.

CyBerBroker believes that professional day traders and active investors are asking for more.

Not very honest, is it?
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