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Non-Tech : Datek Brokerage $9.95 a trade
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To: Jon Tara who wrote (3336)6/19/1997 5:42:00 PM
From: Peter Stern   of 16892
 
Wow. What a cool problem. Thanks for the challenge, Jon.

No monkey business, ready for the explanation?
This is what happened in this particular case.

( all orders are at the same price in the same stock)

Mr Jon Tara put up a 500 share sell order.
(20 seconds later)
Mr Smith puts in a 32 share sell order
(3 seconds later)

Mr. Jones (maybe because he sees that 32 share sell) puts in his own 32 share buy order.

Mr Jones order executes against Mr. Jon Tara's 500 share order (entered before Mr. Smith's order, it has priority), giving both a 32 share execution. Mr. Jones is happy. Mr. Tara is not.

Mr. Tara has 468 shares for sale still in the system on Island, and Mr. Smith still has his 32 share Sell order up on Island as well.

Mr. Tara sees a snapshot of island showing with a sell of 468 shares,
and another sell of 32 shares, but cannot see that they are from different customers....

Mr. Smith cancels his order 45 seconds later....

This is more than a plausible explanation. this is what happened.

Repeating an earlier post:

Almost all of those small orders are individual orders placed by individuals, forming their own mutual funds I guess...

Only a small % of executions are partial.

partial exections will become a non-problem once the NASDAQ system rollover is more complete, and Datek Online customers are able to take advantage of unique All-or-None and Minimum -share-execution features for NASDAQ orders. The New system will also have much better order-priority system, so that partial orders do not lose any priority.

-peter
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