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Non-Tech : Web Street Securities (WEBS)
WEBS 20.05-3.3%Nov 28 4:00 PM EST
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To: wlcnyc who wrote (604)8/9/1998 8:31:00 PM
From: Gorak Shep  Read Replies (3) of 1339
 
wlcnyc,

I know you weren't touting Empire. I have no connection to Empire whatsoever but merely wanted to clarify the limitations of their "free" trades. I always hate it when someone (Empire in this case) says something is free but then tacks on other charges. There are other brokerages who advertise $12 commissions and then, in the fine print, add in $3 postage/handling. Anybody who portrays themselves this way are immediately on my ignore list.

As for your question about payment for order flow at Web Street, let me answer it this way. The only reason for a customer to be concerned about whether the broker is paid for order flow has to do with how this impacts order execution. Payment for order flow generally limits the attempt at execution to one or a few market makers rather than the entire range. Consequently, the order may have less chance of an execution or may be executed at an inferior price.

Since most of Web Street's orders go through one market maker (Nash Weiss), it has the same problems as payment for order flow regardless of whether Web Street actually receives payment for it. So, you may never know whether Web Street receives payment but it really doesn't matter. The end result for the customer is the same either way.
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