Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: Quaddad who wrote (3327)	6/19/1997 4:25:00 AM
From: Crabbe	of 16892

Quaddad It wasn't 5 minutes it was 6 minutes. 6 minutes to execute a market order on the open in a stock that trades nearly 3 Million shares, I will agree is not good, but it ain't that reprehensible either. I don't think that the complaint was about the 6 minutes anyway, but the price. Everyone knows that the MM's don't like Datek, therefor they will take as long as they legally can to execute a Datek placed order, and give it the worst possible price. The reason Datek is slow on openning but fast the rest of the day seems to me to be a combination of the above, and the fact that ISLAND is loaded primarily with day orders, and it takes all of us 5 to 10 minutes to decide what we want and how much we want to pay/ask. PAIR is under the new SEC rules and as such would have set the bid /ask price with a limit order in the spread of 100 or more shares, and as this was for 200 shares it would have qualified. Datek did the best it's system could do under the circumstances, I would agree it is not good enough, but it is little better/worse than most other brokers could/would have done. Some of the online brokers wouldn't have gotten the printout off of the printer yet, which in this case would have saved him money.

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