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Non-Tech : Datek Brokerage $9.95 a trade
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To: Richard James who wrote (15064)10/21/2000 7:58:55 PM
From: RockyBalboa  Read Replies (3) of 16892
 
Richard,

you addressed important questions.

For nasdaq stocks and in part OTCBB I use Datek since 2.5 years. On average I do more than 5 trades each day (I don't recall the exact number but it is definitely over 5).

I looked at the streamer but I do not use it. I can sometimes use a Reuters terminal and I regularly use qcharts. (If the streamer was able to draw intraday charts and tick charts and integrate ECNs and MMs I would use it more). I have heard that a L II streamer is in the marking which makes sense, especially if priced below $50.

Datek has no order routing (like Cybertrader has) but perhaps it is being implemented one day, maybe with a first step which allows to place ISLD-only orders.
Sometimes it would be a help, especially if MMs (or that what I perceive over the net) is slow in updating quotes and ISLDs quotation is moving "ahead" of the consolidated or L II quotes.

Datek experienced only few brownouts, but sometimes it is necessary to manually change servers. Inferior connection over the internet can be the reason as well...., so I would recommend a phone broker as backup (rather than another internet broker). I use a domestic full-fare broker as a backup for some trades.

In general Dateks performance is good, and also the OTCBB trading is doing well. I do not trade Nyse and Amex stocks over Datek (except in very few cases), so I don't know how well it works with NYSE/AMEX stocks. For a reason unknown to me it always rejects sent orders in AMEX warrants.

Of the 30 trades I did on Oct 18, 4 regarded the heavily traded SUNW and from what I remember it performed very well.
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