SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : Datek Brokerage $9.95 a trade
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Jack Zahran who wrote (6171)12/5/1997 1:55:00 AM
From: Morpher  Read Replies (2) of 16892
 
Jack, I think when order is executed by Island then you see C 3 on your confirmations. You're right that there is however a handful of stocks that Datek is a MM in. Anybody has a list?

As to Datek not sending your orders to the floor, there is no "floor" for Nasdaq. In representing orders all I care about is that when I enter a limit order I see it pop up on L2 screen under ISLD in several seconds and I see bid/ask change (unless it's at the open when it's much slower...) Datek can not legally not represent your order to the market. Datek can't get it for a better price without passing it to you either. Watch the Times & Sales if you need to confirm that your limit order went through exactly at your price. I don't use market orders and I would recommend against them unless you're a day trader and you trade very fast moving stocks.

There is a problem with limit orders on Nasdaq however. There is a strong possibility that you'll see trades going through at your price without you getting an execution while you're the only one on the inside market. That's why MMs still have an upper hand in this game.

I don't see any conflict of interest between Datek and us when it comes to trade execution. Would it be better for us if they routed our non-marketable limit orders to several affiliated MMs instead of ISLD? Maybe, maybe not. I can't say because I've done all my trading with Datek since new order handling rules went into effect.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News