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Non-Tech : Waterhouse Securities -- Ignore unavailable to you. Want to Upgrade?

To: Timelord who wrote (225)	11/24/1997 12:03:00 PM
From: John M. Hammer	Respond to of 2076

Alex, Thanks for the suggestion. I haven't spoken to the branch manager, but I did speak to yet another rep at the local office this morning. He said he'd check on it and get back to me. He DID call me back just a few minutes later and explained that the money has not been swept because it is cash for the margin requirement on my short puts. I told him that, prior to about two weeks ago, all the cash had been swept into the money market regardless of my put positions, and that every other broker I have used (and still use) pays interest on the cash generated by and backing up short puts. He said that he was only passing on to me what had been explained to him, and that he had no ability to do anything about my situation except pass on my concern to someone else. So, I guess I'll call the branch manager tomorrow... Best wishes, John

To: Timelord who wrote (225)	11/24/1997 1:27:00 PM
From: John M. Hammer	Read Replies (1) \| Respond to of 2076

Waterhouse Order Routing: Today I placed an order to sell 10 puts (it doesn't matter what they were exactly - they were all against a liquid stock and an option with fair open interest and volume). At the time I placed the order, the bid was 1 3/8 and the ask was 1 5/8 as shown on Waterhouse's own real-time quote page. I placed the order to sell all 10 puts at the limit of 1 3/8. The order was quickly moved from the pending pile to open status, but then it just sat there for 45 minutes. The quote, which I checked several times, didn't change during that 45 minutes, but the order didn't execute. I called in, and was told that my order was routed to "the primary exchange" - CBOE - but the quote I was getting was from the Pacific Exchange. On CBOE, the quote was 1 1/4 x 1 3/8, and so my order wasn't executing. (However, the web page with the real-time quote indicated that the exchnage being quoted was "C" - CBOE.) The person at electronic brokerage support told me to call the local office and ask for the order to be routed to the Pacific Exchange for better execution; apparently, he could not do that for me hiself. Annoying... John