<<<<Lets take this morning for example. The Instinet ECN broke, again, and a
host of NASDAQ stocks had incorrect prices, markets were locked, it was
ugly. Everybody's abilities to trade certain stocks was impaired. Until
NASDAQ pulled Instinet's quotes, and fixed the marketplace.>>>>
Incidentally Peter, I did NOT learn of this until very recently--even though I've been trading with Datek since the beginning of this year.
I was told by several Datek agents that when a stock is locked (bidding and asking the same price, e.g. INTC 95 1/2 x 95 1/2), datek just freezes and sits lamely. There is nothing Datek can do. Why is that? Other brokerages don't freeze but continue to execute trades. I have been screwed many times at the open because of Datek's inablity to properly execute trades when the bid and ask are the same price. This is NOT a NASDAQ problem as other brokerages continue to trade.
I can understand that your ISLD system may have problems because of the matching up of trades ISLD does, but Datek, according to their own public disclosure, maintains that it is NOT soley an ISLD firm and that it executes trades on the SOES and Selectnet system. So why should Datek be all but dead when a stock is locked?
I would sincerely like to hear your explanation on this.
Andy
p.s. I'm shockingly, but pleasantly, surprised at how Datek performed today, considering the volume and chaos of the market. Kudos to Datek for being up pretty much all day. |
