MCIC starting trading at about 300,000 shares/minute starting at 13:06
Eastern time. If you entered your order after that time, you got
caught in a backlog (in line). In a perfect world, the computers
would handle everything and some day they will. But right now, for
ALL firms, that's not the case. Humans simply can't keep up at that
pace. Staffing should be "adequate." How can you expect a firm to
contact that many people in that short a time. Do you expect them to
have several thousand people sitting around at any given time for the
possibility of something like this happening? That's costs money.
In addition, you have an e.Schwab account. That means you get no
personal contact for the lower commission.
You mention firms are judged by active days.... good point. However,
if you want a firm with more market clout that Schwab then you should
try Merrill Lynch, Goldman Sachs or Morgan Stanley. They simply cost
too much. Schwab's market maker, Mayer & Schweitzer, is one of the
largest of anyone. They have a OTC market share of about 8%. Doesn't
sound like much but it's in the top three. It's very significant.
No other discounter or deep discounter will come close to that clout.
Many of them even use M&S themselves (ie Waterhouse).
What happened to you could happen at any firm. I just think you are
giving Schwab a bad rap based on what you've said. As far as what
firm I work for.... that is not important. I'm just trying to give
a little education here in general; I'm not here representing one
firm or another. If you don't want to believe me that's fine.
If you think you know more, then all the power to you. You sound
pretty well-informed though -- just enough knowledge to think that you are always right.
RR |
