Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: David Kuspa who wrote (12486)	6/14/1999 5:16:00 PM
From: JCinTC	Read Replies (1) of 16892

David, nasdr.com "The Limit Order Display Rule The first of the new rules concerns limit orders, which are orders to buy or sell a designated number of shares of a security at a specific price. Previously, investors could place limit orders, but the prices of investors' limit orders were not routinely displayed in a Market Maker's quotes. Now, under the Limit Order Display Rule, a Market Maker that receives a limit order priced better than its best current quote must display the investor's limit order price and size on the trading screen as the Best Bid or Ask. If a limit order is priced the same as the Market Maker's quote, the Market Maker must reflect the size of the customer's order in its quote. The investor's limit order can now be seen by the entire marketplace, giving it greater visibility, and therefore a greater likelihood that it will be executed quickly. Certain types of orders are exempt from the rules: 1) all-or-none orders (an order that must receive one execution in its entirety); 2) orders that customers request not be displayed; 3) orders of fewer than 100 shares; and 4) orders of greater than 10,000 shares or totaling more than $200,000 in market value" JC

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