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Non-Tech : E*Trade (EGRP) Suggestions (NOT FOR FLAMES!!)
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To: Harry W. Lowe who wrote (81)10/9/1997 9:54:00 AM
From: Mikhail Rasolis   of 118
 
Harry,

You are absolutely right when you say "Once that "limit buy" order is placed by your broker with the market maker, the broker is out of the equation".

But, there are a few things broker should do before he places an order
(assuming he cares for his cusromers) and one of them is to find out
on what exchages the security in question trades. The stock may trade
on two or more exchanges or through other third market makers and the prices are not the same on all of them.

Usually the best execution will occur on the most liquid exchange.

The primary exchange for CCO is Boston and it also trades OTC as COCBF. The average daily volume on Boston is about 30,000. On OTC you
might see one trade in 2-3 days.

Despite the fact that I entered my order as CCO (Boston) E*TRADE routed it to OTC as COCBF and while the stocks was trading on
Boston SE at 1 3/4 the MM had no idea about my order.

Only after I provided the above arguments to E*TRADE they adjusted
my execution.

I also trade with National Discount Brokers and they have filled my
limit orders at the better price than my limit quite a few times. It's normal practice and brokers do it all the time for the big guys.
However, small individual investors are being screwed.

I think my complaint was 100% legitiment and looks like E*TRADE agreed
with that by adjusting my execution. I also think that individual
investors should always complaint (when they right, of course) even
if the sum of money
Sincerely, Mikhail.
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