Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: Peter Stern who wrote (5487)	10/20/1997 7:56:00 PM
From: Andrew White	of 16892

<<<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, I'm furious today! And I'm going to start posting these HORRIBLE, HORBBIBLE executions in the open and let everyone judge for themselves how Datek does. This is for today (10/20/97) when MSFT and NSCP had their field day: I tried a limit order first for NSCP at 37 1/2 @ 13:02:23. No luck. Datek couldn't fill. So I went market and the order was accepted into your system at 13:04:02. 900 shares I was trying to buy. Datek filled me 663 shares at 13:08:32 and 237 at 13:08:41. It took 4:30+ minutes for my order to fill, and with these strange odd lots! AND, it was being filled once the peak was reached and it was falling in price again. I've noticed OVER and OVER that Datek CANNOT fill mkt orders when it's moving up. Only when it hits the peak and everyone is selling does Datek execute the order and right at the peak of course. Additionally, I CANCELLED my order well before 39 11/16 and it WOULDN'T cancel! The system would NOT cancel when going up and when it started falling it filled MY CANCELLED order! That is so ridiculous! This system really sucks Peter! There is no way around it, but to bluntly said it flat out: IT SUCKS! You don't believe me? I have can even give you the TRACKING NUMBERS! I wanted 900 shares of NSCP when it was 37 1/2 - 5/8 and I got my MKT order executed at 39 11/16. Your "executions filling in under 5 seconds is such bullcrap!" That's 2 full points that was rightly mine. It wasn't even a large order; 900 is smaller than the 1000 share SOES limit. This certainly wasn't the first time and I know this isn't the last time I get these HORRIBLE, HORRIBLE trades! Andy I really should take this to abitration is what I should do.

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