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Fidelity Brokerage Services
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Fidelity Brokerage Services company logo

Fidelity Brokerage Services

155 Congress Street, Boston, MA, 02110, US
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Fidelity Investments - poor execution, bogus customer service

I entered an order today to buy 100 shares of BZC at $12.80. The stock closed at $12.75, and yet my order was not filled.

When I called Fidelity, after talking to two representatives, and being left on hold for an unreasonable amount of time, I was told that the reason my order was not filled was the bid ask spread was $12.74 to $12.98.

That's ridiculous. The FINRA rule covering this situation is clear:

Best Execution (FINRA Rule 5310) – FINRA requires member firms to find the market with the best price to execute their customer order. OTC Link® ATS and FINRA's OTC Bulletin Board (OTCBB) Quotation System are the two recognized inter-dealer quotation systems for facilitating best execution by broker-dealers. The two quotation systems may only be used to satisfy best execution if there are two or more priced quotes in a security. If less than two priced quotes exist for a security, broker-dealers must contact three other dealers for priced quotations.

Plain speak: Broker-dealers may not give their customers prices inferior to those currently being quoted on inter-dealer quotation systems.

I had an earlier experience with a Fidelity representative along the same lines. When they don't know the answer to a question, they make something up.

I'm moving my account away from Fidelity.

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