I've generally been happy with Brown, but I had a troubling experience the other day. I had placed a limit order, at the current bid, to sell 5,000 shares of a thinly-traded stock. Brown immediately executed 2,000 shares, but waited on the other 3,000. On Level II, there were several marker makers bidding at my price, including a MM bidding for 2,500 shares. For 30 minutes, Brown did not execute the remainder. After I called to complain, and asked why they didn't just hit the bid (before it went away) and fill my order, they said they were contractually bound to send orders only to certain MMs, and this MM was not one of them. I protested, and asked to speak to a supervisor. While on hold for a supervisor, my order was executed, and the 2,500 share bid went away.
I believe what happened, is that Brown's MM was trying to work the rest of my order to make a spread for themselves, leaving me at risk that the price would drop. After I complained, they did what they should have done immediately, which is hit the bid and complete my order. I got the price I wanted, but I am not happy with their performance. A limit order at the current bid price should be executed immediately, if there are size bidders.
Dennis |
