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Non-Tech : eSchwab

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To: Roland Kahn who wrote (36)	10/25/1996 12:46:00 AM
From: Rick Ryan	of 76

Roland, Schwab (e.Schwab too) send most listed trades to the regional exchanges. Schwab does provide "primary market protection" which means there is no price difference to you. If you place order to buy 1000 XYZ and its routed to a regional, you are still represented on the NYSE. This is due to their "trade off" business which is less expensive for them and provides you with protection. You may not see your order represented in the size on the NY, but it is there and they will honor you if you are due. Overall, a big non-concern despite what many may say -- they usually don't know how the market really works. It is considerably more expensive for firms to trade on the NYSE than the regionals. It also costs more to execute a limit order on the NYSE than a market order. These costs cut into firms' profit and commissions. That's why some firms (e-Trade for example) charge more if you enter a limit order. Good luck RR

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