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Non-Tech : E-Trade "Class Action Lawsuit"
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To: Bruce Cullen who wrote (41)7/29/1996 9:38:00 PM
From: William T. Katz   of 128
 
A few questions on proper response from brokers ...

I'm a new investor and started with E*Trade for my first two
buys. My first buy had no problem but the second showed signs
of many of the complaints on this thread. I put a limit order
on ZRAN at $10.75 after looking at the intraday chart. Even
though the trades continued sporadically at that level for
an hour after placing my order, my limit order wasn't executed.
I upped my order to $11 and it was executed several hours
afterwards even though many trades continued at $10.75 before
my order cleared. My notification of the execution didn't
reach me until 1.5 hours afterwards and just in time before
I placed a buy order at market price.

My questions are:
1) What are the obligations (legally) of your broker in terms
of how quickly she must execute your order? Is there some
lag in how fast your trader presents the order in the pit?

2) Is slow response typical of heavy discounted brokerages? I
had read that it was common and E*Trade is more the norm
rather than the exception.

3) Is there a requirement for them to notify me by some time
limit after an executed order? Seems like their messaging
system has some delay or their brokers are overloaded ...

BTW, is there another Web-based trading system which has been
tested by our readers? Thanks for any help on what trading
should really be like.

-Bill
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