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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: ---------- who wrote (169)10/26/1996 4:31:00 PM
From: Jeff Gibbons   of 308
 
Doug DeShong writes: What the human checking the order does IS a repetitive routine, so in theory it could be done by a computer program, I suppose.

Being repetitive has nothing to do with the computer being able to check an order. The problem is straightforward and algorithmic. It is not just theory. Computers can easily do this.

To the extent that the action IS repetitive, that's all the more reason to have a computer do it. People often make mistakes at repetitive tasks because they get bored and begin to rubber stamp the decisions. Computers do not get bored and can perform the same task time and again flawlessly.

e.Schwab does not manually review all of its trades but rather about 50% according to their brokers. This suggests that 50% of trades go through automatically with no such review. I have seen many trades be executed within a few seconds and it is hard to believe they were manually reviewed. So if some trades can be executed without review, your compliance requirement seems unsupported.
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