No. of Recommendations: 1
These were the respective books just now. (The issue doesn’t matter).
Fido ET IB
65.000x12(12) 65.000x12(12)
65.120x190(10) 65.120x190(10)
65.250x50(20) 65.250x50(20)
65.700x26(10) 65.700x26(10)

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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