Jeffrey,
First, thanks for the responsiveness you're showing to the frustration of some Datek/Island users. I don't know if you've become the "designated on-line flak-catcher" for Smith Wall, but if so you're doing a good job.
The odd lot/broken-up trade issue has dogged Island/Datek (and its SI thread) for a long time. The consensus has seemed to be that most folks don't mind having trades split into several round lots to facilitate execution, provided that the splitting process doesn't place them behind other orders at the same price.
Example: I have an order to buy 500 shares at 6. Someone else places another Island order behind me to buy 1000 shares, also at 6. I get an execution for 100 shares, leaving me 400 to buy. But my remaining 400 share order is now behind the other guy's 1000 share order. So if not enough shares are available for sale at 6, I can be SOL while he gets filled. That's a serious downside of round-lot partials.
Nobody likes odd lots on Island, except the guys trading 'em. Yeah, I've had some splits/stock dividends leaving me with 537 shares, too. But it's impossible to get a fill at a good price on a sale when you're stuck with an odd lot after a partial fill.
My suggestion: let the individual user decide, through three order screen options: "All or None, Round Lot Partials OK, All Partials OK". The default could be "Round Lot Partials OK", which is my guess on the consensus choice if you get the queue-sequence problem licked.
Some folks will say that this will slow down loading of the order screen by an extra second or two; perhaps the best suggestion might be for each person to select their own standard default from Account Options, so it won't be on-screen when placing individual orders.
Joel |
