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: Peter Stern who wrote (3353)	6/20/1997 11:31:00 AM
From: Kailash	of 16892

Peter - Under the new NASDAQ rules we see the MMs spread, which has improved things a lot for the stocks subject to them. Someone on the board here (thanks!) mentioned that another new rule is that "all bids and offers for over a 100 shares in the middle of the spread must be honored by market makers". Now, "must be honored" obviously can't mean "must be filled"; it must just mean "must be displayed". Is Datek doing this? Under Order Handling / Routing Orders, Datek writes, "If the order is not marketable (if it is between the spread), Datek will send the order to Island, and Island will represent that order to the market. If the order is marketable (that is, if it is a buy order and priced at or greater than the ask, or if it is a sell order and priced at or less than the bid), action must be taken." The operative point here is that Datek does not consider an order within the spread to be marketable, contrary to the new NASDAQ rules. What is your actual practice? Are the new rules as stated, and are you following them selectively for the stocks they apply to? What are people's experience with this? Kailash

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