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Non-Tech : Datek Brokerage $9.95 a trade
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To: Quaddad who wrote (2526)5/8/1997 5:46:00 AM
From: Zvi Yammer   of 16892
 
Quaddad, you are 100% correct.

At 9.95 you get what you pay for. It would be unreasonable for you
to expect a 9.95 execution broker to spend the time "working" the
order. I happen to have used Datek (non-internet) in the past
and have gotten better than excellent execution. I used an honest hard working
Human. I paid much more than 10 bucks per ticket.. I would be quite
upset if they gave you the same service at 1/10 to 1/20th th price
I paid.

Think about it. If an average professional makes 75,000 per year working 46 weeks
He makes approx. 40 dollars per hour. If it costs a firm approx. 3 dollars
to process the ticket (including accountants, bookkeeping, mailing etc)
Then there is only 7 dollars left to spend on making the execution.
Out of the 7 dollars some money needs to go to office overhead, RR salaries
telephone line costs, ISP charges,NASDAQ charges etc.
So if you order is not at the ASK then there isn't any money left for
a Datek trader to start "working" the order by calling the market makers
directly. The only thing they can do is put the order into the system
and hope a MM picks it off. And at 9.95 that is what your paying for.

I think you should find out if you have a Datek Rep Res. Find out his name,
and see if you can use the same account and pay a normal commission
for a normal execution.

9.95 trades are best kept for stocks like CSCO and INTC where the spread is
narrow and the action is fast.
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