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Non-Tech : Datek Brokerage $9.95 a trade
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To: Snowy who wrote (7725)4/4/1998 12:26:00 PM
From: dumbmoney   of 16892
 
I called Datek's Customer Support and he check the time and sales reports and said my orders were being represented (I agree) but since their orders aren't time prioritized (?) the Market Makers can always step in front my order. I don't buy that explanation.

Orders handled by a particular market maker or ECN are generally prioritized, but remember there are many market makers. Orders aren't sent to a central location for processing, so the fact that you were first to set a new ask is irrelevent. The only restriction is that trades cannot take place outside the spread; it would be 'illegal' for another market maker to sell at a price higher then your ask (without first buying your shares).

Yes, this can be frustrating. Once my small order sat on the ask ALL DAY without being executed (it was a thinly traded stock, but still...)
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