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: Dirk Hente who wrote (6193)12/6/1997 4:05:00 PM
From: Jack Zahran   of 16892
 
Dirk, what I am concerned about is the orders representation to the market. If Datek is putting our order into their Island limit just for representation and then working the trade as a Market Participant to get the additional revenue, whether from order flow as you mention or the other means. Since Datek Sponsors Island and it acts as their limit book, I imagine they have greater flexibility in working trades. But, it appears for some reason they don't want us to know that they work our trades outside of Island.

Maybe they are afraid that traders will realize that Datek can make more than 9.99 per trade. So maybe that is the question that needs to be asked. Bottom line: Datek, can you and do you make more than 9.99 per trade? On top of that, do you route orders in such a way to make make revenue in addition to and at times instead of the commission charged?

I, personally believe that a company has a right to make a profit and that the SEC allows these practices because they know that trading companies need to do this to maintain a business (it's called capitalism). However, if Datek is advertising one thing to hook in a customer and then practicing something else, this opens up other issues. It also calls into question the moral integrity of a corporation if it participates in this type of behaviour. How can we trust our money to any company that doesn't display such fiduciary responsiblity? If datek makes trades as a Principal and/or MM and tells us in their advertisements and on this thread that they are not making a profit by functioning in this capacity, then they should write this guarantee on our trade confirmations and monthly statements as well.

This is a bilateral relationship between broker and client. Datek needs to put in writing within a legal and binding mechanism how they are conducting business. The statements made by them on this thread are not conclusive enough. They should have no problem writing this guarantee on their confirmation and monthly statements, if in fact their statements are true. At this time the confirmation notice does not suppoprt their statements on this thread.

I look forward to their reply.
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