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Strategies & Market Trends : From the Trading Desk

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To: Brendan W who wrote (2205)	1/6/1998 2:42:00 PM
From: George McMeen	Read Replies (4) of 4969

To Brendan re: Brown & Co. > P.S. Yes, I was aware that brokers can cross orders on accounts. > My primary broker (Brown & Co.) does not do this. I too am Brown customer (because I haven't found any other broker who can beat their margin rates). From what I have seen, I believe Brown sells order flow to the MM's. For example, I place a market order for relatively inactive Nasdaq stock for 2,000 shares. It is sold to me at the Ask. Later in the day I will my trade on Bloomberg. It is broken in to lots of 300, 700, 1,000 shares (and printed at prices lower than the Ask.) Meaning that I have been "scalped". Brown supposedly offers something called "price improvement" - if you ask for it. I always ask for it - but many of their brokers don't know what I am talking about. Cheers. George

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