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|Subject: Howard: Fido vs. ET, Again||Date: 9/26/2012 12:19 PM|
|Author: trader2012||Number: 34412 of 35397|
These were the respective books just now. (The issue doesn’t matter).
It’s easy to see what’s going on.
- Fido was willing to undercut ET by $.02 cents per bond to move the lot of 86.
-IB was only listing the lot of 12, but it was flagging it ‘NT’, meaning, the trade wasn’t executable.
-For the lots of 190, 50, and 26, ET and Fido were re-quoting from the same underlying dealers and asking the same mins (which are set by the desk).
-Fido and ET were each re-quoting lots from two different desks.
Now, look at the tactical picture: To get in with less than a 5-min, a would-be buyer would have to bid up from the ‘national best’. I bid for 2 at 66 but got filled at 65! E*Trade treats its bond customers right, or at least, it treats me right. Quite often, I've got price-improvements from them, and their mins are a lot easier to deal with than anyone else's. (YMMV)
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