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To: orkrious who wrote (5700)	5/13/1999 11:28:00 AM
From: Craig Freeman	Read Replies (1) \| Respond to of 60323

Jay, as long as we're talking brokers, Fidelity occasionally shows an "order improvement" discount on transactions involving shares in which they "make a market". In some cases, the discount exceeds the commission. Could you explain this? Craig

To: orkrious who wrote (5700)	5/13/1999 5:19:00 PM
From: Art Bechhoefer	Respond to of 60323

Jay, you may get just as good executions. I rarely make any purchase or sale at market, but name a price that I think is attainable. It may be, for example, about 3/4 point lower on a buy order. I generally get the price I set. I'm not saying that someone using an electronic trading facility wouldn't do as well. I'm simply saying that I am quite happy with the results. I have also had disputes, which were settled in my favor by the broker, using a "slush fund" set aside for those purposes, even when the brokerage firm was not at fault. During the 1987 crash, when many people couldn't even get executions, I got all of mine promptly.