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To: Richard V Davis who wrote (1001)	4/2/2000 11:16:00 AM
From: TOPFUEL	Read Replies (1) \| Respond to of 2005

Richard couple weeks ago I tried buying ECAR put in order for 5k shares stock was at .46 and volume was coming in I placed limit order of .50 I got 500 shares boom 2 hours later my order still sitting out there and rest not filled. Actually I had few 5k orders in. My buying power gets all tied up when this crap is happening. By the way ECAR went as high as .48 for the day and I got 2k shares filled out of 20k shares 4 5k orders 500 filled on each one while I watch 30k to 70k trades go by left and right...

To: Richard V Davis who wrote (1001)	4/2/2000 11:26:00 AM
From: TOPFUEL	Respond to of 2005

RICHARD YOU DO NOT GET IT I have 3 accounts one for me, one for my parents, and another for my sister all linked with same user name and password this way I can trade allacounts from mytrade software if at 10am I place order to buy 1k shares of SAGE in my account # then switch to my parents account # and put in order for 1k share of SAGE I get message back saying I have to wait 90 seconds then I try my sisters account same message WHY??? all accounts should be timed seperately from time trade is made in that account ...

To: Richard V Davis who wrote (1001)	4/2/2000 1:32:00 PM
From: JamesB	Read Replies (1) \| Respond to of 2005

Mr. Richard V. Davis: I certainly hope that you are correct about the lockout not affecting different accounts. Because I can assure you that it did. I tried repeatedly to place orders in multiple accounts and got the 90 second lockout message. I therefore stopped trying. I will try again on Monday and post the results here. As far as the 500, 200 or 100 share fills....that is doublespeak and BS. No other MM does what Herzog does with these fills. Do not misrepresent what they are doing. They are screwing us. Do you mean to imply that Herzog is doing "business as usual", and all MM's do business this way? If so Sir, you are either very naive or flat out lying. I prefer to believe that you are just misinformed.

To: Richard V Davis who wrote (1001)	4/2/2000 2:28:00 PM
From: LANCE B	Respond to of 2005

THAT IS A TOTAL FALSE STATEMENT BELOW....YOU ARE VICE PRESIDENT AND DO NOT EVEN KNOW WHAT YOUR OWN COMPANY IS DOING...DO YOU WANT ME TO GIVE YOU THE DATES IN WHICH BARRY PUT THAT INTO EFFECT THAT ANY ACCOUNT THAT USED THE SAME USER NAME AND PASSWORD COULD NOT TRADE FOR 90 SECONDS NO MATTER HOW MANY DIFFERENT ACCOUNTS THEY HAD..... AS FOR YOUR 500 RULE...ANOTHER LACK OF INFO..I HAVE SAT ON THE PHONE WITH ROD COVLIN AND MADE HIM HOLD FOR A STOCK THAT I PUT IN AT .17 CENTS AND STOCK WAS AT .165 AND WAS NOT FILLED IN THE 30 MINUTES I WASTED OF HIS TIME OTHER THAN THE 200 SHARES AND STOCK WAS NOT MOVING...HE HAD TO CALL HERZOG AND ASK AND EMBARRASSINGLY HAD NO RESPONSE TO GIVE ME...I HAVE 9 STOCKS THAT ARE UNDER .50 CENTS THAT I OWN ONLY 500 SHARES OF A COMPANY THAT NEVER WENT OVER MY LIMIT PRICE AND NEVER GOT FILLED....I WILL GIVE YOU MY ACCOUNT NUMBER....TALK IS CHEAP PLEASE YOU NEED TO SPEND MORE TIME IN YOUR OFFICE THAN IT SEEMS OUT DOING COCKTAIL LUNCHES....ANYTIME YOU WANT TO TALK ACTUAL FACTS,GO INTO ROD'S OFFICE,ASK HIM ABOUT MY COMMENTS,SUGGESTIONS AND COMPLAINTS..THEY ARE REAL AND HAVE BEEN BACKED UP TIME AND TIME AGAIN WITH VISUAL FACTS..I HAVE WASTED MONEY TIME AND TIME AGAIN BUYING NON MOVING STOCKS TO ROD JUST TO SHOW HIM... FACTS- IF HERZOG IS NOT ON THE OFFER,HE WILL ONLY FILL 500 SHARES,THAT WAS EXPLAINED TO ME BY SCOTT(TRADING MGR) ON THE NEW HERZOG TRADING POLICY... NOTHING LIKE TELLING THE V.P HIS OWN COMPANIES STANCE.. The lockout rule with respect to Herzog is not quite as you describe it. First of all, it is by account therefore if you do a trade in account #1 in security XXX it does not prevent account #2 from doing a trade in security XXX. Secondly there is no 500 share rule or limit. Each market maker sets an auto execution amount according to their internal processes; in your example the MM has set a 500 share limit. If a stock is moving quickly a 25,000 share order will get an auto execution of some amount (500 in your example) and the MM's order desk will handle the balance. Herzog is not unique in this all market makers do the same thing.

To: Richard V Davis who wrote (1001)	4/3/2000 12:33:00 AM
From: 2MAR$	Respond to of 2005

Rick...I have one thing to add here, relating to delayed order executions and confirms that took place at the EOD friday...and often happen in the AM as well: Message 13333770 This is a serious condition, that we both know is completely on your end, and also we both know that it is not an issue of connectivity. It is an issue that I would expect you and your staff to devote complete attention to, and do everything in your power to prevent. Friday , these delayed order confirms and executions knew no particular time of day, it seemed....and one can only pray that it is not going to be our fate to see any further repeats of this, with any frequency. It would be nice of you to assure us that it won't. thanks for attention, 2MAR$ PS: I too, had Buy orders that sat for 10 mins that were not confirmed till long after the market closed, and the same thing happened often during the day.