The answer is Who Knows.
EG. I bought at half pips this morning, through Etrade, via telephone, on another stock.
I simply picked up the telephone and rang them. After the first person I spoke to, about a "centre point trade", he said that" he had no idea what I was talking about" , so I asked to speak to a "trader". He said the was one.
He then went and spoke to his "managers" and they said that" I could not place a centre point trade". I was amazed. This is after I was told the day before, at close of trade that, I could place such an order.
So I hung up and rang them back and spoke to a "real trader", the one that told me that I could place such an order, a "CENTRE POINT TRADE". He then placed the order and it was filled instantly at .0055 .
At that time I stated that I intended to dump some stock that I was holding in order to place another centre point trade later today. It was agreed .
Upon dumping my stock in order to free up funds so that I could make this centre point trade, at a price that I was not comfortable with, I then rang back and placed the order for SEG at .0025 . I was told no problem and the order was placed for a large parcel at that price.
However, after being placed on hold for some time, I was informed that management had changed their minds, and that "CENTREPOINT TRADES" were not available to retail traders and that they had pulled my SEG order.
However, they would let the first "CENTREPOINT TRADE" stand that I had placed earlier this morning, out of good will but that they would not allow my next order to be placed, even though I had just dumped stock in order to do this next "centrepoint trade" and for no other reason.
I was then informed that they were reviewing their own policies and procedures and that they were probably going to have a "CENTRE POINT TRADING PLATFORM" available for ALL investors in the near future, maybe even as early as next week.
I asked them to proceed with my trade and they refused.
I lodged a formal complaint to management and was told that they would be in touch in about 2-4 working days. NOT GOOD ENOUGH.
It seems that if your in the "circle" and with a BIG BANK ACCOUNT then they will let you trade as you please. level playing field??? I don't think so.
Massive confusion with ETRADE and their management and staff, not knowing "ARTHER FROM MARTHER", so it ends .
Only for the ELITE according to them.
You decide if its fair or not but that's what has happened this morning.......
(20min delay)