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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area
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To: Crossy who wrote (25355)12/11/2006 3:49:24 PM
From: Schnullie  Read Replies (2) of 37387
 
viz. ENER.ol - Fido came to the rescue again, after Schwab dropped the ball. Again. Moving more funds from Schwab to Fido.

I have a small account at Fido so don't get stellar treatment. Speaking with the international desk just moments ago, he told me the following:

1. Converting Danish Kroeners to U.S. Dollars, the stock closed at $32.50 today in Oslo.

2. Fido needs a minimum order of $50k or something to purchase shares on the Oslo exchange. This could represent the sum of multiple orders but they had no other orders pending.

3. Without the ability to buy it in Oslo, have to head to a U.S. based market maker. There is only one market maker in the U.S. for ENER.

4. His ask and bid are $33 and $32, respectively. Wow! Sounds like a great business to be in, kind of like selling picks and shovels to the miners.

5. I only have loose change in my Fido account and get Bronze rates. For this trade, Fido gets $50 for manual entry, $55 for international security, total of $105 trading fee. Goes up with increased number of shares.

I find very little give in market makers for illiquid stocks and their huge spreads but put in a limit at $32.50.

Face it, most of us wouldn't go to this much trouble to chase an opportunity unless we happened to have heard about it on this thread. Win lose or draw, thanks for the info, Crossy.
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