Yes, some enjoy receiving faster fills, or cancelation confirmations, but if you have a good floor broker and open communication you should also receive the benefit of better fills on occassion. electronic fills don’t work an order, filling it better than your bid as frequently.
I recently received instructions to buy a straddle at a limit price and managed to fill the first portion far better. When reporting the partcial fill to the customer, (a fund), they said they were violated and should have been filled on the whole order at their limit. I insisted I was not finished filling the order, and that I was simply reporting the portion that I filled at the much better level, yet the customer wanted they entire fill since the price traded was below their bid……They even said that had they placed the order electronically they would have been filled……I tried to explain that I was filling the order signifcantly better, but they didn’t care. Seems they were more interested in convenience rather than the better price……Welcome to the world of electronic trading….
