Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: Morpher who wrote (5453)	10/17/1997 6:55:00 PM
From: Randall Thomas	of 16892

<<Only yesterday it happened to me on a buy of FONR. The bid showed my price as it was on Island but the MM kept putting through trades at 1/16 and 1/32 lower than my bid which showed up as the last sale. He traded a considerable volume this way.>> Actually this is a matter for the person who sold to the firms executing orders below the bid to take up (if indeed that was the transaction involved). I think Datek has an inordinate number of faults, and that they seriously fail to properly handle customers orders the first 15 minutes, and that they will get popped by the nasd on this gross incompetence at some point, BUT the problem described above is NOT Datek's fault. You can be the only bid with ECN ISLD all day long, and every trade of the day can be at the bid, and you may not fill, since wholesalers keep their order flow in-house for the most part, ECN's are not soesable (or so I understand) and you are not being exposed to any wholesaler's order flow in-house. If you get hit on ISLD it is because someone either puts a $9.99 datek order in that matches or someone specifically goes to island to hit your shares. Being the best bid is in no way a guaranteed fill when stock is traded at that price.

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