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To get an order filled is so slow and difficult...

How does that song go "I dont like Mondays"

Etrade notice

"IMPORTANT - Market Orders
A Market Order does not guarantee part or full execution of your order. When placing at market, your order will be placed at the last sale price plus 3 price steps (if buying) or last sale price minus 3 price steps (if selling). This price will then be set for the order until the market closes or until you change or cancel the order.

Please note that you are able to place a limit order 10 price steps below the opposing bid (if selling) or 10 price steps above the opposing offer (if buying). "


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A lesson in history...

I put an enormous amount of buy orders in at ridiculous prices.

I only filled up 20% of the orders placed through Etrade and it appears that 50% of the orders placed did not even reach their screens.

Warrants were recorded yet my 0.20 cents on NAB Warrants (BO) did not flush out any people.... pity!

My broker is on holidays so I couldnt utilise a reliable source! I think I better get a better backstop!
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I had the same problem with Etrade on Monday. It was soooo slow and orders did not get through. It happend again this morning.

It seems to me that there are enough posters and lurkers (me normally) on this board that we should be able to find out which on line brokers performed well on Monday and vote with our feet.

If Fools using other brokers could post their experience to this thread we could all benefit.
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I had put in some buy orders with Westpac on Friday that were not filled by the arvo. When I heard of the drop in the Dow on Saturday, I easily amended my orders downwards that night - no delays. Come Monday morning though, the Westpac site was unable to cope with the traffic.

I didn't have trouble accessing my portfolio information on TD Waterhouse on Monday; however, cannot comment on how that site performed for buying/selling though.
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I got this email from Etrade after I voiced my concern over their service. I hope they do something soon.

Dear Mr.Neilson,

Thank you for taking the time to make us aware of your concerns/frustrations
with our service. Re-establishing our reliable service is our first
priority, and we are currently making some major changes at significant
expense. Unfortunately, the changes we are making take longer to affect than
changing our prices.

We are aware that the interruptions to our service often inconvenience our
customers. E*TRADE Australia is absolutely committed to providing the best
online investing service. For that reason, our strategy was to bring to
Australia the best proven technology in operation in the US. Our leading
edge technology provides many benefits, including straight through
processing of orders into the market and we are well progressed with many
significant improvements.

Our web servers are presently located in the United States, and in order to
get our customers there in the quickest possible fashion, we route them
through privately leased lines via Digital Island in Hawaii. Unfortunately,
there was a problem with the Digital Island Network.

Over the coming weeks, we will be introducing new faster web servers, and
will host our web site in Australia, which we expect will improve both the
speed and reliability of the site. Shortly, we will also introduce a faster
open interface to the ASX to improve the speed of order placement and
reporting by about 40%. An entirely new web site is in final testing.

In the meantime, we have a team from both the US and Digital Island who are
now watching the site through our Market Open and Close, and are available
24 hours a day to respond immediately to any problems.

Lastly, we are working as quickly as possible on other channels of access,
so that if the main web site does fail, there are other ways that you can
place orders onto the market, without enduring lengthy wait times on the
phone. Unfortunately the delivery of equipment and communications lines are
lengthy and cannot be done overnight. However, we are working with many
parties in an attempt to get these up and running in the shortest possible
time frame.

We understand we are breaking new ground and the technological complexity
inherent in providing this superior service has meant that there have been
challenges along the way.

Our clients' feedback is considered essential and we again apologise for the
problems you have experienced.

Kind Regards

Jason Burrows
Communications Manager
E*TRADE Australia Customer Assistance

> -----Original Message-----
> From: E*TRADE Australia
> Sent: Tuesday, April 18, 2000 11:41 AM
> To: Service
> Subject: FW: E*TRADE Mail - New Price Structure, Trade from $A19.95
>
>
>
> ----------
> From: grantneilson@msn.com.au[SMTP:GRANTNEILSON@MSN.COM.AU]
> Sent: Tuesday, April 18, 2000 11:42:20 AM
> To: etrade_australia@etrade.com.au
> Subject: Re: E*TRADE Mail - New Price Structure, Trade from $A19.95
> Auto forwarded by a Rule
>
> Keep the money and use it to fix your technical problems. The $10 savings
> you are offering me is peanuts compared to the cost of not being able to
> trade yesterday and even this morning.
>
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Have you ever tried to fax them?

I will rofl now rather than later..
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Grant,

I also use Etrade and I couldn't agree more.
Instead of dropping prices to match comsec's crappy service (which does not have straight thru trading),
they should concentrate on getting their system to work even under heavy loads.
Just becuase an above average number of clients expect to log on, doesn't mean they shouldn't be able to handle it.

F3



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F3

IMHO if we want to take advantage of days like last Monday then we have to use a through to market broker. None of the others will have enough staff for peak loads, certainly not at the prices they are charging.

I think there is one other "through to market" broker in Aus but I can't reneber who they are. I would sure be willing to give them a try though.

Etrade does offer a "premium service" if you trade more than 60 times per quarter. You get a further reduction in costs of $10 per trade and "Direct connection to the market via the
- E*TRADE pro server", whatever that means. I don't know whether this "premium service" performed any better than their normal service or not. Can anybody tell us?

I would be willing to pay $39.95 per trade for premium service but I won't be making 60 trades per quarter. I'm not smart enough to make money doing that. For me it would be quite foolish.

and

John (demiller1) I have not tried their fax but on Tuesday morning after attempting to buy AMP online five times only to be informed they were experiencing temporary technical problems and "try again" I called them, six times I got a busy signal. The seventh time I got through to the push a button service. I then had to wait forty minutes to speak to a real person. She was kind enough to execute the trade for me and only charge me the online rate. I get the impression that they think our time isn't worth anything. What do you think?
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You cant fax them as they do not (or had not) a fax number displayed. Even in correspondence (email) they would say fax us with 'so and so' and still no fax referral number.

As far as my experience goes they are 'septic tanks' and the natives have privelege over the host server. During heavy sessions we are stuffed in Oz as the server gives priority to the natives and ignores or defers our requests here in Oz. It appears the maintenance is always slow. If we were in the land of 'septic tanks' they may take our requests more seriously. Then again they think that we are just a small pimple on the face of the earth (18 mill to their 180 mill) so we are in essense servian to their requests.
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As far as my experience goes they are 'septic tanks' and the natives have privelege over the host server. During heavy sessions we are stuffed in Oz as the server gives priority to the natives and ignores or defers our requests here in Oz. It appears the maintenance is always slow. If we were in the land of 'septic tanks' they may take our requests more seriously.

John, I don't think it's a priority problem. Their markets are closed when our's are open. They trade more transactions in New York than our whole ASX in one day. Frankly, I don't care what the problem is, I just want it fixed.
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I was going to let this matter rest however feel that it is necessary to state the obvious... their servers are in the US. The US clients have open access as we do and when the markets have huge open interest then the lines are clogged. It is not only trading hours that are accessed.
It is the capacity of these lines from Oz to US that have to be attended to or a greater bandwidth be made available through other connections or an Oz server. Telstra has a 440 ms feedback just from Sydney to Perth (that excludes Perth to Sydney and does not take into consideration Sydney to LA and then to the their server which is re-routed twice).
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BTW my location is an ISP. Optical fibre delivery..
35ms standard response unless Telstra. Going to microwave to increase bandwidth substantially and overcome the big Oz's inabilities.
Utilise Etrade and broker. Trade 10 on average per month. Access Etrade inhibited 50% of the time due to inability to log on, slow in logging on, inability to gain access to account, broker utilised in the main as always available and costs are now exorbitant but you get what you pay for.

When Etrade under pressure through increased traffic (usually downward pressure on All Ords) impossible to place an order, this is the time I want to buy!
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