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

To: kaz who wrote (3844)	2/11/1999 8:28:00 PM
From: wily	Respond to of 7382

I had trouble with Watley using their listed button sometimes. Some orders were extremely slow getting executed, and cancellations could take forever. I haven't been with MB that long, but the speed on listed stock orders and cancellations has been admirable. Obviously its generally going to be slower than Nasdaq trades. I was told at Watley that the order isn't necessarily sent direct to the exchange. Sometimes it goes through the clearing firm -- I had to wring this out of the service rep. My hunch is they may try to cross larger orders internally and scalp a little here and there. I don't know if this would explain the problems at JPR. w

To: kaz who wrote (3844)	2/11/1999 8:29:00 PM
From: Dan Swartzendruber	Respond to of 7382

Paul, one problem was probably a software bug. An advantage of stop orders is that you can also use them to enter a position if the stock rises to your entry point. I could not get RT3 to accept a stop order. I'd get some cheesy error (don't remember it now). Other times, I'd put an order in (market, or marketable limit) and it wouldn't fill for 10's of minutes. Then I'd go to cancel it, and that would go off into limbo. When they had their all-day server crash fiasco (they blamed TAL, which might be true), the next day (I got the distinct impression they spent most of the day trying to resurrect the current session, and then gave up and reloaded a save tape or something), a listed long position I had sold on Death Day was back in my positions. Couldn't get rid of it. Another time I had a phantom buy that wouldn't go away. They swore up and down they had cancelled it, but it was sitting there chewing up my buying power. Never again.