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Friday, July 23, 2010 1:15:51 PM
Here's a copy of a small part I wrote to my broker (Scottrade):
"Hello! I have a few serious questions about the symbol of Scottrade's Market Maker?
1st: What is the symbol of Scottrade's Market Maker? I have done a lot of researches & observations and it seems that Scottrade have used multiple MM ("NITE" is not the only MM symbol of Scottrade like many believe). Example: I observed this many times on my level II. Scenerio - Let say, I owned stock "ABC" and that Level II showed only one seller (I'm the only one on the asking side) @ $3.00, represented by the symbol "NITE" (Assume that is the MM of Scottrade). At the same time, I wanted to sell stock "XYZ" @ $5.00 (a different stock). In Level II of stock "XYZ", however, it would should show another symbol of Market Maker(ex: "CSTI" the only one showing up on the Level-2) for Scottrade @ $5 on the asking-side (Note: Again, I'm the only seller @ $5 at that moment).
This leads me to my 2nd question: Scenario 2 - Seeing Many sellers between $8.00 and $10.00 of stock "ABC", I then decided to set an ask-limit order @ $9.00 (in between), but nothing would show up on the Level-II of stock "ABC" on the seller's side. So, the Market Maker (MM) of Scottrade is hidden? What is going on?
Furthermore, when it come to buying, thing is even worse. I waited & waited then it was finally my turn to be filled, but my buying order got filled a little then got skipped then refilled a little skipped again... (Most of the shares would go to someone who placed a buy-order long after me). I thought it would be first come first serve..."
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