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Non-Tech : Datek Brokerage $9.95 a trade
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To: morse hintz who wrote (16781)7/10/2003 10:15:03 PM
From: rrufff  Read Replies (1) of 16892
 
I'm not sure about Brown, but Datek appears to really believe in using Island first.

From the Answer Box:

The NASDAQ is a negotiated market. Unlike the NYSE, which is governed by price, time, and order size priority, no such priority exists on the NASDAQ. A market maker does not have to give one order priority over another order at a particular price and other orders can get filled by market makers before your order is filled. A NASDAQ market maker can hold an order for up to three minutes before either filling it or rejecting it and sending it back. NASDAQ market makers are only obligated to fill up to their quoted size on the BID/ASK. When a market maker holds an order it is temporarily out of Ameritrade's hands. Once the order is returned to us we immediately route it to the market maker with the best quote. However, if that market maker fills another order at that price, your order may not get filled. This process is continued until a market maker executes your order. We facilitate an order as efficiently as possible to ensure an execution. Please remember that a market maker is not obligated to fill all orders since the NASDAQ is a negotiated market.

If you place a non-marketable limit order for a NASDAQ stock it will be routed to Island for a possible match. This may result in a better execution at limit prices that would not have been executed by market makers.

If you place a marketable limit order for a NASDAQ stock it will be routed to Island within a second to see if they are making the inside market. If Island is not making the market your order will be sent through Selectnet or SOES to be filled. Once your order goes through Selectnet or SOES it will go to the market maker making the best bid/ask in that security. This market maker has up to 3 minutes to decide whether or not he wants to fill your order before sending it back to Ameritrade. Remember that a market maker is only obligated to fill his quoted bid/ask size.

Ameritrade offers individual investors the opportunity to trade NASDAQ stocks during a continuous 12-hour trading session from 8:00 AM to 8:00 PM ET. You can trade NASDAQ stocks before and after the market closes - 8:00 AM to 9:30 AM ET and 4:00PM to 8:00 PM ET each business day. During this time only limit orders are accepted. Your extended-hours order is represented on the Island ECN from 8:00 AM to 9:30 AM ET and 6:30 PM to 8:00 PM ET. From 9:30 AM to 6:30 PM ET your order is also eligible for execution with participating NASDAQ firms.
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