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Non-Tech : E.Schwab problems -- Ignore unavailable to you. Want to Upgrade?

To: Gary M. Reed who wrote (761)	2/14/2000 2:27:00 PM
From: Papillon	Respond to of 1401

I hate it when that happens; it is a real pain in the rear. Not uncommon with OTC:BB stocks, however. If it was an OTC:BB then it probably wasn't Schwab's fault. Working now, I hope. I haven't had any trades to do this afternoon, but it was working fine this morning. Best, Papillon

To: Gary M. Reed who wrote (761)	2/14/2000 2:48:00 PM
From: Mark Z	Read Replies (1) \| Respond to of 1401

This happened to me last week. I had written some Feb 35 calls on PIXR and was called out, leaving me short. So I went to buy to cover. Took 15 minutes for the order to fill despite my order being at the ask (fortunately, the stock didn't budge in that time period). Turns out they 'boated' the trade and I was caught in a boating queue for 15 minutes. Now the question is, why does a human have to look at (a) the cost of a trade and (b) my account equity to determine if the trade should go through? Why can't a computer do that? I couldn't get an answer to that from my team but they did tell me they're allowed up to 10 minutes between the time I place a trade & the time they have to bless it & send it to market. I unwittingly reminded him of their initial eSchwab campaign when they boasted 60 second fills but....So the moral is NEVER* use a market order with Schwab. Not if the standard is 10 minutes to review the trade before sending it to market.