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Non-Tech : Datek Brokerage $9.95 a trade
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To: Ira Player who wrote (12539)6/21/1999 5:37:00 PM
From: RockyBalboa  Read Replies (1) of 16892
 
With a market or marketable sell order that can happen. A problem that Datek "times the order out".

For nasdaq shorts:

Consider you want to short 500 xzy at "market" or $9 1/2 limit,
and $10 is an upbid showing only 100 shares (100!).
->You get off 100 and the remainder simply times out and is not sent back to isld to wait there - because it can't be placed on ISLD order limit book (the low limit sell order could lock or cross the market).

Maybe the introduced the timing out in order to stop abuse. Because it was possible to short without uptick earlier, and that is a violation of nasd rules. But what they could to is to post the remaining order on ISLD if... it is a limit order with a limit sufficiently high enough.
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