Jeff,
Funk is right....truly, with a SOES execution you definitely buy at the "ask." All the time. It's the rule. Further, when you sell with SOES order, you sell at the bid, no doubt about it. And, with SOES, especially in this market lately, you wait forever to get a fill, often miss if you use limit orders and only a fool would use a market order. The MM's will kill you!
You may be confusing SOES orders with other types of orders. If you use Dreyfus, I don't think you ever know what type execution system was used for your trade. Do you specifically select SOES, or SelectNet, or any of the ECN's?? Or do you just place and order and see what happens, regardless of the type execution?
If you ever actually buy at the bid, it's probably because the bid actually changed (the stock dropped, downtick'd, whatever). The market moved to where you were and you got the "ask". Maybe your quotes lag just a bit and you think you get the bid. I know for a fact, though, SOES orders have you buying on the ask, selling on the bid. That's the price you pay for the speed and guaranteed fill, neither of which is always true. Lots of traders rarely use SOES orders these days. Too many limitations and negatives.
So, although I hate to admit it, I do believe funk is correct. This time. <g>
Bill
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