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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: ---------- who wrote (177)10/31/1996 6:00:00 PM
From: Jeff Gibbons   of 308
 
Doug, I have received responses from both Datek and Schwab on trade reviews. Unfortunately, despite the specificity of my questions, the answers were indicative rather than definitive.

For Datek, see point 2 of techstocks.com

This is Schwab's response:

Most of our orders are electronically reviewed. However, the system has a built in flagging system to flag those accounts that might not have enough buying power necessary to execute the trade without causing a fed call. Those orders are reviewed by a group of traders who verify that there are enough resources in the account to cover the trade. The percentage of trades that are reviewed varies with market fluctuations. The time spent on reviewing a trade depends on the research that must be done on each account. However, we assure you those reviews are done as quickly and accurately as possible.

I'll note that our discussion began with a message I wrote complaining about e.Schwab and their defense of some slow order execution due to manual order review. When I had slow orders, my buying power vastly exceeded the trades I was trying to make - well within my cash balance not to mention margin. So something still stinks with respect to my cases with Schwab.
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