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Non-Tech : The future of the OTCBB and Pink Sheets
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To: Chris Block who wrote ()3/26/1999 2:22:00 PM
From: Roger Staubus  Read Replies (1) of 28
 
Hello-

I am a small investor, and I have been trading an OTCBB stock for the first time in my life, and I am 59 years old.

The spreads are horrible. The Market Makers seem to be more than anxious to rape small investors.

Also I have had to change online brokers. I was with Ameritrade, and when I wanted to buy an OTCBB, I had to use the 800 phone number, instead of being able to buy it with my internet account. Of course, when I would call Ameritrade, I would be put on hold for 17 or more minutes; I have been on hold for as long as 30 minutes. And the commission was $18 for a market order compared to $8 for an internet order. The phone limit order was $23 rather than $18.

With Mr. Stock, I can buy the OTCBB stock with my internet account, and a market order is $14.95. And I can call an 800 number and get a broker in three rings, and buy or sell that way for $19.95. A limit order with Mr. Stock is $19.95.

The OTC BB stock I am trading is one that the MM's widen the spread if they want to slow down the trading, or the price increase. On a rise in the stock price, the MM's can cap the amount of the increase at about any amount they choose merely by widening the spread.

I wish you great success in your endeavors so that small investors will perhaps have a chance against these greedy bastard MM's.
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