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Non-Tech : The Island ECN
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To: Dan Duchardt who wrote (55)12/22/1997 3:14:00 PM
From: Dan Duchardt  Read Replies (3) of 202
 
HELP!!

I thought I had gained a clue about how the process works. It seems I was wrong, and I remain in ignorance. Can somebody please tell me what happens to a limit order I enter through Datek to buy a NASDAQ stock at a price above the current bid? This morning I was convinced that such an order resulted in a new bid at my price. Whose bid might that have been? When I subsequently see transactions taking place at that bid price, who is buying those shares? Not me. According to Customer Service at Datek, my order will NEVER be activated until the ask price drops to my offer price, then it MIGHT get executed, and again it might not, depending on the market. Yes it's out there on Island they say, but..... I'm confused.

I'm really not trying to tell the rest of the world what the rules should be, but I'd sure like to know what they are so I can play the game too.
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