SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : Datek Brokerage $9.95 a trade
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Quaddad who wrote (2440)4/29/1997 2:13:00 PM
From: Jon Normile   of 16892
 
Dear Mr. Quaddad,

I would like to respond to your question. As Mr. Babcock points out, Datek does place all non-marketable limit orders in NASDAQ stocks on to Island. In a stock that has been phased in under the new SEC-inspired rules, if your order was for more than 100 shares and was superior to the current bid or ask, Island will represent that order to the world. You will change the bid or ask of the stock. In a stock that is not yet affected by the new rules, your order will be on the Island limit book, where any market maker in the stock and any member of Island can execute it.

There is always the possibility that a non-marketable order (an order to buy priced lower than the ask or an order to sell priced higher than the bid) will be executed. By sending orders to Island, Datek Online is increasing the chance that your non-marketable order will be executed - however, there is no guarantee.

A marketable order has the greatest likelihood of an execution. A marketable order is a buy order priced at the ask or higher or a sell order priced at the bid or lower. Datek Online will take immediate action to get your marketable order executed, using a variety of routing possibilities. (For a more in-depth discussion of routing see datek.com and click on the Trading link and then on the Routing Orders link.)

It is important to remember that just because a limit order is marketable does not guarantee that it will be executed. There is a limited supply of stock at any given price and other orders might be ahead of yours.

Thank you for your question. I hope this answer has been helpful.

Jon Normile
Registered Representative
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News