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Non-Tech : Datek Brokerage $9.95 a trade
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To: Candle stick who wrote (2381)4/28/1997 7:53:00 PM
From: Randall Thomas   of 16892
 
Candlestick,

I have been saying for months now that Datek is using the 9.99 customers to add liquidity to island, which would directly benefit both Datek's in-house traders and Watcher customers. Routing marketable orders (that meet the soes limit on the stock in question) would be competing with Watcher customers for fills. While they are evasive on saying what exactly they do with orders, my understanding is that limit orders are almost all stuck on island (even if they are marketable); explanations given by Datek to customers I know personally and keep in contact with on this have implied that market orders get routed somewhere else (one associate was explicitly told by datek once that RSSF was behind on market orders, even though it makes no sense to me why a minor mm like rssf would be sent DATK flow, they aren't even in many stocks.., if they were going to route flow somewhere you would think they would use one of the wholesalers, like hrzg mash nite etc.)

Candlestick - Email me on this if you want to correspond more...

Scott
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