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Non-Tech : myTrack service from Track Data -- Ignore unavailable to you. Want to Upgrade?

To: Mike E. who wrote (211)	1/12/2000 4:45:00 PM
From: JD	Respond to of 571

Interesting exchange: To: +J. Nelson (2729 ) From: +LANCE B Tuesday, Jan 11 2000 11:31AM ET Reply # of 2777 READ BELOW AND THEN LOOK AT TRADING LOG ON AFTI AND WEEP STOCK EVEN WENT TO .875 DURING THOSE 25 MINUTES.. THIS RESPONSE FROM HUGH (IN BROKERAGE DEPT) WHY DID MY AFTI SELL ORDER AT .844 AT 10;25 NEVER EXECUTE.. ANSWER-HERZOG HAS THE RIGHT TO PICK AND CHOOSE WHEN THEY WANT TO EXECUTE A TRADE.SINCE IT IS NOT A BUY IT IS NOT ON THEIR AUTOMATIC SYSTEM... ANOTHER WORDS- YOU CAN BUY IT,BUT WITH USING MYTRACK THEIR MARKET MAKERS HAVE THE RIGHT TO DETERMINE WHEN TO SELL...HMM,SOUNDS LIKE THE KIND OF COMPANY I WANT TO TRADE WITH.. ASK TO TALK WITH SOMEBODY- ROD COVLIN- IN A MEETING,NOT IN THE OFFICE,NO,STEPPED OUT,HOW ABOUT A BROKER...HMM,DONE THAT,GOT THIS ANSWER... MYTRACK- I PREDICT WILL BE THE BIGGEST FALLING TRADE TOTALS... WHY-COMMON SENSE... YOU HAVE NO SAY IN YOUR SELLS,YOU ARE AT HERZOG'S MERCY... To: +LANCE B (2730 ) From: +JD Tuesday, Jan 11 2000 12:11PM ET Reply # of 2777 Whoa - TRAC just let me cancel a marketable order!! (course the order should have been executed - a sell @ bid with at least 2 MM's on bid). Makes you wonder when NITE is on the bid, and you route your sell order to NITE, and still no execution!!! TRAC says that on BB's the MM's do not have to fill, and they are right - but in the real world, NITE, HRZG and the others will fill the orders that come from clients whose business they value and want to keep! If EGRP starts getting complaints from their clients about lack of execution they will threaten the offending MM with pulling their business from them. For some reason, the MM's (NITE, HRZG...) do not treat TRAC clients with the same "respect" (execution) as they do AMTD, EGRP or Shwab... - Maybe it will improve as TRAC gets bigger (more respect?). - Maybe the MM's do not like the direct software-entered, computer routed orders that arrive on their desk with no delay (phone entered gives the MM's more time - and time is $$$). I am not going to bail on TRAC yet, as I like the speed of order entry, and because I think this trading system could be the first small step toward having an "ECN" system for bulletin board issues (and I know that is the last thing MM's want to see - it would put them out of work!!). Do NITE and HRZG see TRAC as a threat? Would they like to see TRAC's computer order entry system fail?