The Alpha Exchange

Things are moving slow so I thought I would do a bit of an experiment....  (this experiment was seeing if I could draw down the single order of 20,000 @ .23 by adding my 5000 to the existing 15000 on the bid @.225

I placed a small order to buy 5000 shares of XME.V @ .225... I waited a minute or so, and checked my orders list, and it was open... when I checked the level II..... I was nowhere to be seen... I also checked the Alpha exchange... but that is a delayed readout, and as such my order was not to be seen... so I called TD Waterhouse and sure enough the order was sitting in nowhere land... and it wouldn't be visible until the delayed quote on the Alpha showed me... or... anyone else for that matter.... not only that.... I was the only bid... there were no asks... I ask you... what kind of control over my trading decisions do I have if this type of routing is allowed? If a person was unaware of the Alpha exchange... in order to execute a trade that was not executing.... they would have a tendency to chase the ask or bid buy changing the order to go for the bid or ask when the stock is moving with, or against them... this would have an effect of working around the routing... however... the reason for the delay may not be truly discovered by someone not aware of the routing to the Alpha exchange.

Chasing in either direction increases risk... profit will be less and loss will be more.

Under the circumstances if the price started to take off I would have no chance whatsoever for someone to come over to the alpha exchange and sell to my bid if the price was moving in the opposite direction.

The answer to my question is.......... NotMuch!

My response was to cancel the order... It appears that to buy XME.V for me I must take the ask... not today I said... Please be aware that the type of order I was placing was a day order (passive order). In some circumstances... stocks under $1.00... if they are placed in a non passive execution (a day order is a passive order) such as with a good until date of at least 2 or more days may bypass being routed to the alpha exchange and be routed to the TSX instead... depending on your trading house policies...

Protest this obscenity of lack of transparency and lack of integrity, and check your orders with your ONLINE trader and followup and cancel your orders when they are not to your advantage.

Alpha Exchange



GLTA Lostoutwest


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