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Non-Tech : Brown & Company New "5 and 10 Store"? -- Ignore unavailable to you. Want to Upgrade?

To: Dragonfly who wrote (38)	4/2/1998 12:40:00 AM
From: Brendan W	Respond to of 1865

Dragonfly, on OTC market orders every broker's executions will be sells at the bid, buys at the ask. On OTC limit orders with Brown you sometimes do get sells filled at the ask and buys at the bid, but I think this is more a function of the early-1997 Nasdaq order handling rule changes than broker policy. If you're talking about listed stocks, Brown does usually route orders to third markets. On market orders this does usually mean the unfavorable fill (sells at the bid, buys at the ask.) However, Brown does guarantee it's third market executions to mirror the NYSE and the ASE. This means that if a limit order would have been filled on the "home" exchange, then Brown's market maker will give you a comparable fill. I don't know who else does this. I believe Datek does not. Also, if you do a market order on a listed stock before the open, Brown's market maker will give you a similar fill as on the "home" exchange.