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Non-Tech : Datek Brokerage $9.95 a trade
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To: Jon Tara who wrote (3198)6/13/1997 12:26:00 AM
From: Candle stick   of 16892
 
Jon, I have been told that Datek DOES use the third market for NYSE orders, and I have been on the phone with them all week complaining about not having orders posted. I mean about 10 times in 10 different stocks. Someone else noted the same problem. I dont know whats different than before because when I used to place an order in a NYSE stock I saw it pop right up on the screen in seconds.(Or if joining the bid or offer you can see the size change right away).

Now, even if you go between the spread (say its 1/2 by 3/4 and you offer 5/8), NOTHING happens. I have seen this in slow moving stocks, many many times. I always have to call Datek, then they call the third market maker (whoever that is) and THEN I see the order appear, sometimes a full 15 minutes later. One time I waited and hour, and get this!!!!! One time it went through my order and nothing was done!! Credit does go to Datek for this one because they did honor the trade when I called to complain. BUT WHAT IS GOING ON!!! Thank god I have time and sales and level II. BUT, for those of you that dont, you have no way of knowing whether or not your order is being displayed. And I am serious when I say that every NYSE order that I have entered for 2 weeks has NOT been displayed. Thats a CRIME. If there is one market where we should be receiving fills on the bid/offer it is the NYSE since it is supposed to be an orderly market with all customer orders lined up for execution. But if you are not in line, you have no shot at a fill. In my opinion whoever is filling NYSE orders for Datek is clearly frontrunning the orders or waiting for the market to trade through in order to execute. THIS IS NOT RIGHT. I have made Datek aware of the problem but I have no idea what they plan to do. I also dont know why they go through a third party. Must be some dollars changing hands somewhere. Why cant they just route it to the floor through the DOT system themselves? I think thats what they used to do. Anyone at Datek care to comment? Jon Normile? Peter Stern?
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