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Non-Tech : Discover/Lombard Brokerage. -- Ignore unavailable to you. Want to Upgrade?

To: General Crude who wrote (55)	2/28/1999 5:19:00 PM
From: Mark Z	Read Replies (2) \| Respond to of 180

For whatever its worth, Knight Securities (NITE), the market maker Discover sells its orders to, was sitting on the bid most of the day at 22 3/4. Amounts were varying - thus my previous msg regarding 400 shares which is the # they were asking for at 22 3/4 when I wrote that msg. I agree with your suspicion the problem lies with the MM. Last summer I had a bid in on CMGI at 80 for 300 shares. There wasn't much action at the moment - mid-day, slow day. I saw NITE pop up on the bid at 79 3/4 for 300 shares and the ask drop as low as 79 7/8. Still no fill. About an hour later the ask finally dipped below NITE's bid and I was then filled. I was new to Level II at the time and seeing this, it was one of the final straws that prompted me to get out of Discover. To follow up on some comments I made on Schwab earlier. Friday, I placed an order 1 1/2 hours before market close for a CMGI April85/April120 call spread. The natural at the time was 22 7/8 so I asked for a net credit of 23 i.e. fill on a natural of 23 or less. The natural stayed there for 1/2 hour and even dipped a bit around 3:00 pm EST. No fill. I called Schwab at 3:30 and was basically blown off. I was told that if Time & Sales supported me, Schwab would 'make good on it' but they weren't about to look into it at that point. Market closed, report comes back & I wasn't filled. They printed out T&S and sent it to the exchange for resolution Monday a.m. and meanwhile, more or less backed off of their 'make good on it' pledge. Very disappointing. Will see come Monday a.m. what that translates into.