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: Harvey Grosser who wrote (3424)	7/1/1997 4:59:00 PM
From: Jon Normile	of 16892

Concerning my previous post about Island trading in 32nds and NASDAQ trading in 16ths, I made a mistake in my example. In post number 3405 I said: If a stock, ABCD, is 15 ¬ by 15 « and a Datek Online customer enters a buy order priced at 15 17/32, the bid price of ABCD will not change. However, if another customer whose orders have access to Island places a marketable order to sell, his/her order will be matched off against the best available bid at 15 17/32. In this case, Island offers a better price than NASDAQ is able to display. Obviously, 17/32 is greater than a 1/2 so the 15 17/32 bid would be greater than the offer, a big violation of NASDAQ rules. What I meant to say is, if a customer puts in a 15 9/32 bid, then he would be improving on the inside bid. If anyone asks, I'm strongly in favor of the stockmarket going to decimals. P.S. The stock market will be closed at 1:00PM EST July 3rd and will be closed all day on July 4th. Customer support will be taking calls until 2:00PM EST on July 3rd. Jon Normile Datek Online

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