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Non-Tech : Datek Brokerage $9.95 a trade
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To: Crabbe who wrote (3355)6/20/1997 10:46:00 AM
From: Jon Tara   of 16892
 
"The timing requirement is that while Jon's order was executing (less than a second) the 32 share order had to be posted, otherwise Jon's order would not have been moved to the bottom of the que."

If that were the case, I'd make the argument that the execution of the 32-share order, at least conceptually, takes NO time.

But there doesn't have to be a 1-second window:

Time 1. I place the 500-share order, the only one on the queue at my price.

Time 2. Somebody else places at 32 share order, which goes at the bottom of the queue.

Time 3. Somebody hits 32 shares of my order. (perhaps thinking they are hitting the 32-share sell order.) Because of the partial execution, the remainder of my order goes to the bottom of the queue, behind the 32 share order.

Obviously, the time between "time 1" and "time 2" is arbitrary.

I'd love to know why the priority problem can't be/hasn't been fixed. This is the "feature" of Island which is potentially abusive.
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