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

To: TraderAlan who wrote (4829)	8/1/1998 11:06:00 AM
From: Eric P	Read Replies (1) \| Respond to of 12617

Your problem is NOT related to the new SOES rule. In fact, none of your Brown and Company orders are ever routed through the SOES system. Brown and Company sells their order flow to market makers. Put another way, market makers PAY Brown and Company for the privilege of being able to screw their customers. Typically, they simply take the spread out of every transaction, => You buy from them at the ask and sell to them at the bid. Making a market, such as this, is the purpose of the market maker. So long as the spread is reasonable, this is fair to the individual investor. However, the situation you describe sounds like a major problem. Any market order in a liquid stock like MSFT should be filled in less than a minute by Brown and Company. Anything longer than that is giving the market maker a 'license to steal', as you say. If this continues and cannot be resolved by Brown and Company, I suggest you change brokers. Good Luck, -Eric