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Non-Tech : Datek Brokerage $9.95 a trade
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To: Jon Normile who wrote (6204)12/8/1997 1:30:00 PM
From: Jack Zahran   of 16892
 
Dear Mr. Normile:

Thank you for your excellent and informative post. I have learned a lot about trading in the past few months and I owe a lot of that knowledge to the experiences I have had with your company. If you look at my post, following the one you quote Message 2896500 you will see that with regards to market representation, I concluded that you must be representing trades on Island while still working them outside of Island as well. What is troubling to me is the notice on the trade confirmations, which seem to contradict at least one of your statements, namely:

"3. we acted as principal, either buying from you or selling to you. We may have earned a profit on this transaction. Any markup or markdown earned by us is indicated on the face of this confirmation as a commission earned." (bold is mine)

In addition the Agreement & Conditions section states:

"The Firm may receive remuneration for directing orders to particular broker-dealers or market centers for execution. Such remuneration is considered compensation to the Firm, and the source and amount of any compensation received by the firm in connection with your transaction will be disclosed upon request."

Statements like the above are the cause of much confusion when reconciled against your statements on this thread (at least for me). I take great efforts to represent matters as accurately as possible even consulting the source of the data as I did with regard to the NasdaqTrader site. I appreciate your further clarification of the above statements.

Sincerely,
Jack Zahran
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