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Non-Tech : Datek Brokerage $9.95 a trade
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To: Candle stick who wrote (3210)6/13/1997 10:50:00 AM
From: Jon Normile   of 16892
 
Recently, there have been quite a few questions and comments about how we execute NYSE orders. We are always happy to provide information to our customers. We feel that the more our customers know about the markets, the more they will appreciate what Datek Online can do for them.

At present, Datek Securities does not have membership with the NYSE. Our membership is pending but until it is approved, we will be sending our orders to a 'third market' counter-party. Currently we have relationships with three different NYSE member firms. Generally, we do not receive any fees for order flow.

When Datek receives a marketable NYSE orders we send it immediately to one of our counter-parties. The counter-party will either execute the order itself, or will send it to DOT, NYSE's automatic order processing system. In either case, the customer will receive the inside price or better. What that price will be depends on the size of the specialist's book and the priority of the customer's order. Non-marketable orders are sent to one of our counter-parties who immediately send it along to DOT. When an order is on DOT, it is generally reflected on the specialist's limit book. For non-marketable orders, just like marketable orders, the customer's execution depends on the size of the specialist's book and the order's priority.

I hope that this short explanation clarifies some of the confusion about our NYSE trading.

Jon Normile
Datek Online
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