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Non-Tech : E*Trade (EGRP) Suggestions (NOT FOR FLAMES!!)
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To: Mikhail Rasolis who wrote (75)10/8/1997 10:38:00 AM
From: Harry W. Lowe   of 118
 
Mikhail,

When placing a limit order for 1,000 shares at $1 7/8 (usually an open order good until cancelled for a time period as agreed upon by your broker), you have instructed your broker to place a limit order on the market makers (MM) book for that and price only.

In other words, the MM will only fill the order for the price and number of shares specified, when he(she) trades the stock at that price providing he has that number of shares in his inventory or can match the order from a future sale (as he eventually did as you have stated, "On 09.17.97 CCO openes at 1 3/4 and my order is not executed.
Finally my order is filled at about 12:15 p.m. on 09.17.97 at 1 7/8".)

I do not trade with E*TRADE for other reasons, but in this case I can't see anything wrong with this transaction. Any broker from any stock brokerage house would have handled the transaction in the same manner, they are all governed by the same rules.

If you wanted to buy this stock at the lower price, you should have placed an "open order to buy at the Market". This would have placed you order on the MM's book to be transacted at the market price after all previous "market" orders have been filled.

Hope that this answered your question.

Harry
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