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Non-Tech : Datek Brokerage $9.95 a trade
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To: Jon Normile who wrote (6099)11/28/1997 2:52:00 PM
From: sailor  Read Replies (2) of 16892
 
Jon Normile and all interested in DATEK GTC orders

Jon, I just had a nice conversation with Michael K in your customer service dept. He was most courteous and called back even. Here is the jest:

I had GTC orders in to sell a stock a position about 18% higher than the current trade. The stock was halted on good news. The stock went to gain over 34% only to back off. DATEK cancelled my (and all other) GTC orders due to the halt in tradind. DATEK has this policy in writting.

This takes the judgement of my trades out of my hands and puts DATEK in control, in other words DATEK wants to tell me when not to sell in this instance.

In writting DATEK states "If a GTC order is cancelled automatically, we will notify you of the event via e-mail"

DATEK failed to notify me. I did not make the profit I expected but instead the stock dropped under the selling price it started at (to many this is a negative profit)

Michael stated that operations told him, a customer would NOT be notified via e-mail if a GTC order is cancelled.

Jon, what is DATEK's policy?

Thread, do you want your GTC orders cancelled by DATEK at their desire? (The policy states" DATEK...MAY (not will) automatically cancell your order when deemed appropriate").

Sailor
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