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Non-Tech : Brown & Company New "5 and 10 Store"?
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To: Esteban who wrote (97)8/1/1998 7:54:00 PM
From: Brendan W  Read Replies (2) of 1865
 
Your limit orders that narrow the spread are still limit orders. Whereas Datek MAY fill you there, Brown WILL guarantee you a fill if an appropriate order crosses the NYSE. It's complex explaining the rules about "appropriate", but suffice it to say, if your limit order would have filled on the NYSE, Brown will guarantee 100% similar execution quality. You have to hold them to it, and see that a limit order takes the book down to where your order would have been. I believe it will be better than Datek. BTW, Brown uses the Chicago Stock Exchange for most small listed orders. The great thing about Brown is that you can wait for the spread to narrow to a 1/16th and then bang them with a $5 market order, and you don't have to mess with unreliable limit orders.
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