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Non-Tech : Datek Brokerage $9.95 a trade
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To: Peter Stern who wrote (6181)12/11/1997 1:11:00 PM
From: Esteban   of 16892
 
Peter,

I am not receiving representation for my non marketable limit orders on AMEX.

Today I sold SPY on AMEX. I entered the non marketable
limit order at 10:43:12, most of the fill came at 10:47:23, over 4
minutes later. During the entire time my order was the best ask. It
was never represented as such. If the price had fallen during this
time instead of rise as it did, my concern is that I would not have been filled and would never have received respresentation.

There is no problem with the outcome of this morning's trade, or the others I have made in SPY for that matter. However, this is the 6th time in the last 2 weeks that I have had the same thing happen: no representation. Six is also the number of SPY limit orders I have placed.

I'm trying to avoid a train wreck when the price does move away from me one of these times. If I'm represented, I know where I stand. If the price moves against me so that I'm no longer the best ask, I can take actions accordingly.

Please assure me that when I am not receiving representation after a minute or so, it is only because my order is in the process of being filled, and that I can rest assured that I have a fill.

Fill the order, or represent it, are those the only 2 choices?

Esteban
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