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<DIV><FONT face=Arial size=4>ANY GOOD IRA BROKERS?</FONT></DIV>
<DIV><FONT face=Arial size=2>LOOKING FOR A GOOD ONLINE BROKER WITH LOW ROTH IRA
FEES. ANY ONE KNOW OF ONE?</FONT></DIV>
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<DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B>
The Doctor
</DIV>
<DIV style="FONT: 10pt arial"><B>To:</B> <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx</A> </DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> Sunday, June 11, 2000 12:51
PM</DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> [RT] Market Watch: When Cheap
Stock Trades Aren't Cheap</DIV>
<DIV><BR></DIV>Thought this might be of interest.<BR><BR><BR><A
href="http://www.nytimes.com/library/financial/columns/061100market-watch-col.html";>http://www.nytimes.com/library/financial/columns/061100market-watch-col.html</A><BR>
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<META content="When Cheap Stock Trades Arenīt Cheap" name=NYT_HEADLINE>
<META content="By GRETCHEN MORGENSON" name=BY_LINE>
<META
content=" But it is becoming increasingly clear that online trading is far costlier than most investors think. Moreover, it does little to level the investment playing field. Instead, judging from a report released last week by the General Accounting Office, online brokerage firms are Wall Streetīs latest incarnation of the Wild Wild West. "
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<H5>June 11, 2000</H5><BR></NYT_DATE>
<H5><FONT color=#a00000>MARKET WATCH</H5></FONT><NYT_HEADLINE
type=" " version="1.0"><!--ELEMENT HEADLINE-->
<H2>When Cheap Stock Trades Aren't
Cheap</H2></NYT_HEADLINE><NYT_BYLINE type=" " version="1.0">
<H5>By GRETCHEN MORGENSON</H5></NYT_BYLINE><NYT_LINKS_ONSITE
type="main" version="1.0">
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<B>Related Articles</B> <BR>• <A
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Watch: Of Information Overload and the 'Efficient' Market</A>
(May 21, 2000) <BR>• <A
href="/library/financial/columns/051400market-watch.html">Market
Watch: In Bonds, Worrywarts or the Wise</A> (May 14, 2000)
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<TD>
<HR SIZE=1>
</TD></TR></TBODY></TABLE></NYT_LINKS_ONSITE><IMG align=left alt=T
src="/images/t.gif">he popularity of online stock trading has
exploded as individual investors have come to believe that their
computers put them on the same level as the professionals, at a very
low cost.
<P>But it is becoming increasingly clear that online trading is far
costlier than most investors think. Moreover, it does little to
level the investment playing field. Instead, judging from a report
released last week by the General Accounting Office, online
brokerage firms are Wall Street's latest incarnation of the Wild
Wild West.
<P>Government researchers collected data from 12 online firms in
1999. They were not identified, but they accounted for almost 90
percent of online trades.
<P>Delays and breakdowns were a big problem -- so common at one firm
that it said management did not track them.
<P>Online firms provide customers with little information, the
G.A.O. found, on the risks of margin trading -- that is, using
borrowed money to buy stocks. Nearly half the companies did not
detail the risks for their customers opening margin accounts; only a
third posted on their Web sites such information as the list of
stocks they would not allow customers to buy on margin. One investor
found he had bought such a stock only when his broker called to
demand $75,000.
<P>But even these problems pale compared with the difficulties
investors have getting online trades executed at the best possible
price. Good execution is crucial to improving investors' profits.
But because the way a firm handles a trade is not as apparent as the
$8 commission it charges, few investors understand how important
execution is or how they can be victimized.
<P>Included in the report was a review by the Securities and
Exchange Commission of 29 online brokerage firms. Last year, the
S.E.C. found, more than half were not meeting their obligation to
provide the best execution for their customers' trades. A major
reason is that most online firms have other firms complete their
customers' trades in exchange for payments of as much as 1 or 2
cents a share. These payments, big surprise, determine where a
customer's order is sent, even if another market or trader is
offering a better price. On a 1,000-share sale, a customer would
receive $62.50 more if he got a price one-sixteenth above the
prevailing market.
<P>Of the 29 firms the S.E.C. investigated, 17 "improperly
emphasized payment for order flow in deciding where to send orders."
The regulators said the firms did not even try to assess the prices
available from trading firms other than those that were paying them.
Indeed, most routed orders to traders whose execution quality was
well below industry averages.
<P>It is high time investors understand that payment for order flow
is corrupting trade executions at many online firms -- and costing
investors a bundle.
<P>Steve Galbraith, a senior analyst at Sanford Bernstein, an
investment firm in New York, said such conduct helped explain the
outsized profitability of some online brokerage firms.
<P>"Execution is the securities industry's best-kept secret, and
payment for order flow is part of that," Mr. Galbraith said. "You're
seeing monopolistic-type returns in what really should be
structurally an economically competitive industry. I think it's one
of <I>the</I> paradoxes of the market today."
<P>Senator Carl Levin, the Michigan Democrat who requested the
G.A.O. study, agreed. "Pay for order flow is a good deal for the
broker but is too often a bad deal for their clients," he said. "The
S.E.C. needs to get after this problem quickly and aggressively."
Until then, investors are vulnerable to bad executions and the high
costs associated with them.
<P>The S.E.C. should require brokerage firms to monitor trade
executions, tracking how many trades are done at prices better than
those specified by investors. This is the information age. Why
should investors be clueless about how much money they are losing
when they trade
stocks? <BR><!--plsfield:NYT_FOOTER--><NYT_FOOTER
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Status: O
I am not getting any globex quotes tonight from DTN.
20:12 ET. Anyone else getting/not getting quotes?
Michael
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