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Non-Tech : Datek Brokerage $9.95 a trade
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To: Jack Zahran who wrote (5778)11/3/1997 12:02:00 AM
From: Esteban  Read Replies (1) of 16892
 
Jack, You indicate that AB Whatley's normal execution time is 3-5 seconds. With all the different order routing options that the trader has with them, which is the preferred method for getting the fast executions? I would think they are in the same boat as DATEK for SOES order handling. Perhaps experience teaches which MM to try for a fast fill.

I really don't know much about Datek's order routing other than what they post on their web site under questions?/order routing, and previous posts I've read here. I just know that the island scan is first, and if there is no matching order and the order is marketable, it's off to to other options. If another ECN is on the inside and ther are no MMs, I assume Datek would seek a fill there as it would be the only option and it is their obligation to fill you at that price. Gorak Shep made a good point about the SOES system freezing when an ECN is the sole indside bidder or offerer. Imagine that, just one person with their 100 share bid to try and beat the spread brings all the SOES executions to a screeching halt. It's kind of funny actually. With all those SOES orders stacking up in the meantime and the fact that the MMs now only have to fill 100 shares to meet their SOES obligation, it's no wonder it's hard to get a fill before the price changes. If the MMs see the SOES queue becoming unbalanced while ISLD or INCA etc. are the ones on the inside spread, they'll probably pull their offer, or gladly fill you if the inbalance is building against you.

Adios,
E
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