Datek Online was up all day.
Beyond that, Andy, you have a point.
My original post was incomplete.
On that morning, the ECN Instinet was locking/crossing the market in several stocks. While this occurred, no SOES orders at the "market" price could be executed. NASDAQ rejects them.
If an ECN is alone on one side of the market, all marketable SOES orders on that side of the market are rejected by NASDAQ.
It is also difficult for Datek's automated system to determine the true price of the stock while this is going on.
But that does not mean that Datek Online does nothing. It does not sit lamely by when it has marketable customer orders in a crossed/locked market. But it *is* difficult to guarantee a fill in these circumstances. I am sure this is what the CS agent meant.
The automated routing system has a few tricks up its sleeves, and if those fail your order gets bumped to the trading desk, where they can trade around the erroneous, bogus ECN price, assuming you as a customer have given them this freedom with a market or limit buy above the offer, or a limit sell below the bid...
But clearly, on an already busy opening, where dozens of stocks are locked/crossed, this can take awhile.
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In response to post 5484, jack has a point. But just because other brokerage firms can get away with that stuff for now does not mean that Datek Online does it. We don't.
This why we started Datek Online, because the brokerage industry was pretty rife with unfairness.
Datek Online does *NOT* trade in front of, behind, or to the side of its customers. When you enter an order, more than 99.something% of the time it will go directly to the marketplace. If there is any price improvement to be had anywhere in the market, you get it automatically. The system is fast & honest. There are no hidden costs.
-Peter
Partner
Smith Wall |
