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I have used Brown for a couple of years now and they are my favorite of the
6 or 7 I've used for various accounts. Good executions and very quick
confirmations. I often will see my order go off on the Time & Sales
streamer and the confirmation will be there as soon as I can get to the
Brown web site.
I have heard gripes about service before, but I don't recall any problems.
Had there been any, they would have made up for them today when the GP
specialist tried to mess with me. I had a 3,000 share limit sell order on
GP at Brown for 39 1/4. I saw the first print @39 1/4 was for 1,000 shares
and it was immediately followed by several large trades around 39 3/4.
Within about 90 seconds, the stock then quickly settled back to 39 1/4 and I
got a confirmation of all 3,000 shares filling @ 39 1/4. I called Brown and
told them what had happened and said the 39 3/4 trades should not have gone
off before mine. To make a long story short, they went back to the
specialist and got 2,000 of the 3,000 shares adjusted to 39 3/4 netting me
an extra $1,000. Don't know if other brokers I've used would have done the
same thing, but the Brown rep could not have been more helpful.
TGL
-----Original Message-----
From: owner-metastock@xxxxxxxxxxxxx [mailto:owner-metastock@xxxxxxxxxxxxx]On
Behalf Of CMA
Sent: Thursday, March 30, 2000 4:59 PM
To: metastock@xxxxxxxxxxxxxxxxxx
Subject: Brokerage alternatives
Best Executions:
I am a fairly active equity trader with an average holding period of about
a
week. I have been using Dreyfus at $15/share. Good executions online for
both
listed and OTC. They do send the listed orders to the NYSE and ASE, which is
fairly unusual. For OTC, DBS uses Trimark, as does half the Street.
Executions
ir are fair to middling, e.g., you sometimes get to buy on the bid and sell
and
on the offer, perhaps 40% of the time.
I am very comfortable with the financial soundness of DBS and the back
office has been good.
But one is always looking for better. Can anyone recommend a brokerage in
the
$8-$10 range, which is self-clearing; is of decent size and financial
soundness;
has a good and responsive back office.
The main alternatives seem to be Brown and Co., Watley and Datek. However,
if
you read the comments on the Gomez website from users of these brokerages--
about the first two especially--these firms have been roasted for terrible
back
offices and unresponsiveness in correcting brokerage errors. The comments
about
Datek have been more mixed. I would appreciate any input from those who have
used these firms or other alternatives.
CMA
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