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Non-Tech : Datek Brokerage $9.95 a trade
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To: Peter Stern who wrote (7645)4/1/1998 11:19:00 AM
From: The Vet   of 16892
 
Great News Peter! I hope that the fact that despite it is 1st April that we still get the same news tomorrow. I am still curious as to the cause of the delay in the handling of marketable orders going to Island which Lee referred to in post #7654. I have also had this problem and have posted here about it but without any response. I just would like to know that you are aware of the delay in processing marketable orders between Datek and Island. I get far quicker executions when my order is not marketable when placed and then becomes marketable later. Island seems to be very efficient in this case and even for partial executions I usually see the balance posted back within seconds.

The worse case is where the trade is marketable but only a few shares are traded. Often I end up with 100 shares of a 5000 share order and then after 5 or 6 minutes the balance is put up on Island after the market has moved away.

I am sure that you have a different way of handing these NASDAQ orders that are marketable when placed which causes them to go into a black hole for the interim. Could you please explain.

Thanks, The Vet...

PS. I really like trading through Island as it levels the playing field between the MM's and the small trader, in apart from this query I am very satisfied with the order handling and execution in all other respects.
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