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CMA,
I've used Dreyfus for my IRA account which is a fairly inactive account and
have had similar experience as yours, but I was recently considering them as
an alternative to Schwab for options, because their fairly good commision
schedule. As I can't trade options in my IRA I've had no experience with
their executions for the OEX. If you've traded options with them could
you please rate them in that regard?
Thanks,
James
----- Original Message -----
From: CMA <cma6@xxxxxxxxx>
To: <metastock@xxxxxxxxxxxxxxxxxx>
Sent: Thursday, March 30, 2000 2:58 PM
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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