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Non-Tech : Waterhouse Securities

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To: Timelord who wrote (225)	11/24/1997 1:27:00 PM
From: John M. Hammer	Read Replies (1) of 2076

Waterhouse Order Routing: Today I placed an order to sell 10 puts (it doesn't matter what they were exactly - they were all against a liquid stock and an option with fair open interest and volume). At the time I placed the order, the bid was 1 3/8 and the ask was 1 5/8 as shown on Waterhouse's own real-time quote page. I placed the order to sell all 10 puts at the limit of 1 3/8. The order was quickly moved from the pending pile to open status, but then it just sat there for 45 minutes. The quote, which I checked several times, didn't change during that 45 minutes, but the order didn't execute. I called in, and was told that my order was routed to "the primary exchange" - CBOE - but the quote I was getting was from the Pacific Exchange. On CBOE, the quote was 1 1/4 x 1 3/8, and so my order wasn't executing. (However, the web page with the real-time quote indicated that the exchnage being quoted was "C" - CBOE.) The person at electronic brokerage support told me to call the local office and ask for the order to be routed to the Pacific Exchange for better execution; apparently, he could not do that for me hiself. Annoying... John

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