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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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