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To: Dan Duchardt who wrote (7049)4/26/1999 4:34:00 PM
From: wily  Read Replies (1) | Respond to of 12617
 
As far as the time delays for routing through the broker, etc., I know that these things can happen VERY fast to not so fast. Very often I will place an Island order and it seems to fill at the same time I hit the mouse button.

The lady at Nasdaq didn't say what would be done -- only that I had recourse if I wished (I didn't because I got filled 1/4 higher shortly thereafter). My broker told me that firms can incur huge fines ($100,000) if they show a pattern of backing away. The firm in this case was MASH.

wily



To: Dan Duchardt who wrote (7049)4/26/1999 10:40:00 PM
From: wily  Read Replies (1) | Respond to of 12617
 
>>Interesting... does NASD have a time stamp for everything that crosses SelectNet? I assume the only order identification the system would see would be that of your broker, which might be good enough. If NASD indeed has time stamped records, then they ought to be aware how widespread this practice is!<<

I hadn't thought of that, but that may be true. Nasdaq has VERY detailed accounts of every transaction.

w



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