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Non-Tech : JB Oxford, Lombard, Etrade
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To: Randy McWilliams who wrote (113)12/17/1996 10:09:00 PM
From: Randall Thomas   of 396
 
Recently have had increasing trouble with Etrade, not only have confirms in the am been more delayed than normal, but I have been able to cancel a number of market orders on active nasdaq securities 20+ seconds after they were placed. The orders in question were all for over 1000 shares (i.e. 1100, 1600), while orders for 1000 or less shares continue to have speedy execution. Cancelling a market order on a stock and entering another one for less than 1k shares and having it execute in 3-5 seconds tells me that etrade will not fill reliably on orders over 1k shares. The delayed confirms and constant fear of having a sell side of a trade refused because they haven't got a confirm on it (even though it executed in seconds) prevents me from using etrade to buy (still use it to close positions, as executions appear quite fast regardless) first hour, as this has happened to me before and was quite a mess to get fixed. I hate dealing with Datek's web-based system, but the first hour it is the only way to trade I have found.

Randall Thomas
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