ams, Datek has made representations that they send their NYSE orders to the floor, using DOT. They have specifically denied that they use the third market.
I'd like a direct answer from Datek, which has been requested many times and has not been forthcoming, rather than further speculation about what Datek "might" be doing.
If there are special rules for DOT orders, which preclude limit orders, Datek should explain that. If the limit orders are held on Datek's computer until they become marketable, they should disclose that.
BTW, my other broker, Jack White & Co. says that they send all NYSE orders to the floor, so Regal is not the only discount broker who does send the orders to the NYSE.
A few months ago, when I spoke to Lombard about opening an account there, they told me that they would send orders to the exchange floor for an extra fee, though that was not included in any of their sales literature. I do not know what their current policy is, though. |
