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There's no "Broker" or phone call involved-- E-Trade clears electronically
through their own clearing department. A Market order generally clears in
one or two seconds at most. Whether or not they can confirm immediately
depends on several factors-- like the amount of traffic on their Site or the
current speed of the Internet in general. In Equities and Options that are
trading slowly, you can see your trade clear if you're watching R/T
time-and-sales.
Like any competitive entity, they can charge whatever they think people will
pay. It costs them very little to clear trades.
_____________________________________
At 11:32 AM 3/24/99 -0500, you wrote:
>Hi There,
>
>I am not trading in stocks although i do have the series7 I am curious to
know How does company like >Etrade,datek and other internet trading houses
say they can give you confirmation in 60 seconds or less,at a >fee of about
$8 per trade ........... Does the Etrade broker then contacts his
"electronic clearing house"
>and places this order for the client? How does this system work?
>
>Is their an online clearing house that charges less than $8 per trade that
was they can make a profit.
>
>I can't imagine Etrade those after recieving an order placing a call with
their broker and he places the order on the floor.
>
>Thanks in advance
>
>Bryant
>
>
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