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Non-Tech : Datek Brokerage $9.95 a trade
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To: Night Trader who wrote (16840)2/6/2004 6:08:33 PM
From: morse hintz  Read Replies (1) of 16892
 
Yes, this has happened to me before and during the complaining process I understood what was happening. Perhaps after this you will also. The 'old Datek' system was that your order was automatically at the click of your mouse routed to Island. Today, unless you specify Island your order can go to any number of different places -called market makers. Each say they provide good service, but lets face it they are in business to make money. How do they make money is by taking the nickel and dimes from us. To put it buntly each only takes your trade if they can make money on it - this means they only exercise the trade if its in their favor. MM never loose..... and in return they kick back a few cents to the broker (Datek used to give thes4e back to us).

Let me suggest that you specify Island, and have Island open when you click the trade. You'll see your trade offered to whoever immediately. By this, it will be fair.

If you have the time you can watch the MMs play their game on and stock bu brining up a trade window and watching for a while the actuals flow - most often they agree with the bid/ask ---but now and then (every minute) you see a ? trade - (Its the MM taking his quater by taking your trade from his que and saying OK saucker).
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