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Non-Tech : Datek Brokerage $9.95 a trade
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To: Peter Stern who wrote (5733)11/4/1997 4:27:00 PM
From: Morpher  Read Replies (1) of 16892
 
Peter or anybody with "inside" info,

I wondered about this for some time. What happens when Instinet in on the inside market and Datek's customer enters a crossing order? I would expect that a firm should either execute the trade directly on the Instinet or use Selectnet linkage with Instinet to execute the trade.

There is however a question about Datek. Datek sponsors Instinet's competition, Island. I also heard that Instinet denied Datek direct access. Datek doesn't like Instinet. Instinet is quite expensive. For any sizable trade Instinet + Selectnet charges would come out to more than $9.99.

So, is Datek losing money on market orders or buys at ask/sells at bid when INCA is on the inside market (which occurs quite frequently) or is there some other option I'm missing?
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