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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: TFF who wrote (4210)	5/18/1998 1:38:00 PM
From: Robert Graham	Read Replies (2) \| Respond to of 12617

It pays to have good execution, which means access to different markets and execution systems that a regular discount broker does not provide their customers. Right now I am trying to execute a small short sale on an option that is illiquid but traded on the AMEX and CBOE exchanges. It has an OI of 120 and a volume of 10 for today. My limit price is set between the bid and ask and nothing has transacted. There have been no prints, so the MM may be responsible for this and not the broker. But if I had access to RAES electronic execution system for options, I would of been able to fire off my order and had my price or better by now. I had to call in to cancel the order since I see the stock moving up and the quote on the option improving. My strategy here is to break up the order into even smaller pieces and set a limit price an 1/8 below the current ask, which actually a better price than my previous order. I was placed on hold for several minutes before I had a chance to speak to the broker. Time was important because I knew that soon the stock would be hitting resistance. All this time and effort to work a small order and still it has not transacted. I did wait for a cancel out on the previous order per Steve's instructions in a previous post here on the cancellation of a stock transaction. How frustrating! Bob Graham