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Re: Jmach101 post# 67147

Wednesday, 01/20/2021 9:44:19 PM

Wednesday, January 20, 2021 9:44:19 PM

Post# of 198954
OK--Let's go back another 40 years--to my time in Wall St--

The customer in Podunk, La calls his Broker and buys 100 sh of GM--broker writes it up on an order slip and walks it over to the office girl who wires it to the NY office--NY sends it to the NYSE floor to the Trading Specialist who is making a mkt in GM stock--He fills the order and sends the fill chit back to NY office , who sends it on to the broker , who calls his client and gives him the fill and cost--Client then mails his check in to the broker---

Except for the client who has 7 days to pay, the entire process took less than 5 minutes---which I found amazing---as I got to spend an entire afternoon on the NYSE Floor back in 1961---it was a fantastic experience for me --that was when a really big trading day was 250 thousand shares--

An OTC stock didn't even come close to getting a fill that fast!!!!!!!!!
It usually took one to two days to get a fill--as you had to call the MM's in that stock to get a firm price----