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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Tom Hua who wrote (4643)	2/2/1999 7:49:00 AM
From: amic	Read Replies (1) \| Respond to of 13953

Tom what is your experience with ETrade executions? What takes a lot of times every now and then is the reporting* of the execution, but I have never really had any problem with the actual timing of the execution. That is, when the site is up and running of course, it tends to crash quite often (like yesterday). True, having to wait to see the order confirmed is painful, but as long as the execution is timely, well, to me it's a secondary issue. I will add I also have had limit buys executed below my limit price, and limit sells above my limit price (although every time for a fraction of a dollar).

To: Tom Hua who wrote (4643)	2/7/1999 3:13:00 PM
From: scanshift	Read Replies (1) \| Respond to of 13953

ETrade selling order flow/loosing market share I think there exists the potential for ETrade to loose significant market share of the online trading business when it becomes widely known that ETrade sells their order flow to the Knight/Trimark Group Inc, headed by Ken Pasternak. Knight/ Trimark is the largest market maker on the NASDAQ. ETrade sells their order flow for 2 reasons: First, they get paid for the order flow by Knight/Trimark, and second, they have an interest to do so because they are a substantial shareholder in the Knight/Trimark Group. There are other online brokers who also sell order flow like ETrade, but there are numerous online brokers who do not!! How does this effect the execution time of an order that an ETrade customer may have working? Well, there may be a better opportunity to get your order filled on an alternative electronic exchange (Instinet, Island, etc.), but because of the relationship with Knight/Trimark, where do you think your order is going to end up?? When Knight/Trimark goes to its manual execution instead of its auto-execute system, the delays can be substantial. Bloomberg did a recent piece on this manual execution delay, the first part I pasted below: Market Makers' Manual Executions Spark Online Delays Bloomerg Online Jan/14,1999 Jersey City, New Jersey, Jan. 14 (Bloomberg) -- Large market makers are causing delays for investors trying to make online trades because they periodically remove certain Internet stocks from automatic execution systems, industry executives said. Knight/Trimark Group Inc., the biggest market maker on the Nasdaq Stock Market, yesterday removed about a dozen Internet stocks, including Yahoo Inc. and Amazon.com Inc., from its computerized execution system several times for about 15 minutes, said Ken Pasternak, president and chief executive. Trades were executed manually, taking three to four minutes instead of a few seconds.***************