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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 4:59:00 PM
From: Mike   of 16892
 
Mr. Normile,

>Q. Is Datek Online a market making firm?
>A. No, Datek is an order entry firm. This is otherwise known as an
>unregistered market maker.

This is double talk at best! You are not a market maker but an unregistered market maker??

>Whenever Island doesn't give the best price, we take the customer's
>order directly to the market making firms.

Not so. I placed a limit order to sell above the ask and my order went to Island as it should. The bid then moved up through my price and stayed above it for several minutes before falling below my limit price again.

My order did not get the representation it should have and it cost me money. Maybe Island/Datek was designed to give the best price to its customers, but in practice it does not. When your automated system fails to represent our order, you should provide us with a fill.

Mike
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