I want to use Brown & Co. If I place a market on opening order, I have to phone it in at $15. I want to place the order thru my computer at $5. They only accept market or limit orders. If I place a market order 25 min before the opening, will I get the opening price or will the specialist screw me? Thanks again! jj
Anyone have an idea what the specialist whould do with that market order at the open or does no one know? jj
There is single price opening, so if you place a market order, or a tradeable limit order (within range) then you will get the opening price. The Specialist really just wants to get the orders done. Don
jj: You need to ask Brown whether the order will be routed only to the NYSE when you place it after-hours or pre-market. If so, in either case if it's a market order to buy or sell long, you will be part of the opening trade, and get filled at that price. There's no way the "specialist can screw you" (at least not in the way you mean). If it's a market short sale, you get filled if the opening print is an up-tick from the previous day's closing price (or at the closing price when it was an uptick from the previous different price). If, however, Brown routes to ECNs (e.g. Island, INCA) after-hours and pre-market, and turns your market order into a limit order in order to do so, you could get a fill that you will not be happy with. It seems unlikely that they do this, but you need to ask them to make sure.
A large % of Brown order flow is sent to the Chicago Stock Exchange. You are guaranteed the opening Nyse price on any order that you send to the CSE before the opening.
No links from chx, but they just do it to deliver NYSE protection. All regionals do it. You just have to make sure your order gets there in a timely fashion.