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Non-Tech : MB TRADING -- Ignore unavailable to you. Want to Upgrade?

To: Wayners who wrote (2673)	12/11/1998 9:18:00 PM
From: Steven Bowen	Respond to of 7382

"My order stayed there until filled. It took a few minutes and a bunch of partial fills but I was out and my partial fill quantities matched up with what I saw printed on the tape. It was like there was no market maker." Wayne, this is the way it must happen, that is the law. If you enter an order that improves the inside quote, whatever MM your order is routed to has something like 30 seconds to either fill your order or display it. That has to happen, and if it doesn't, call your broker immediately, you have a legitimate beef. I figure ETrade handles about 90% of my trades like this correctly, the other 10% I have to call and bitch about (of course, it's always the MM's fault). And don't fall for the brokers BS answers. They'll always try to tell you "you can't buy unless the ask falls to your bid since you can only buy at the ask" kind of stuff. Not true, orders should ALWAYS be handled as yours was today. The problem is, even if your order improves the best ask to xx 11/32, orders routed to other MM's can fill at that price, so you can see orders go off at your price and you not get a fill. I've been in a lot of fights with ETrade over whether I "should" have been filled, or if I was "due" a fill. Technically, you're not due a fill unless the bid trades up to or thru your offer, but many times you should get filled and don't. May be an advantage of the discount brokers, being able to have your orders displayed by the likes of NITE.