Thanks Sailor. I will certainly check my slip when it comes. I traded OLOG once before, and Datek was a principle but there was no markup indicated. I'm not sure exactly what that means, but I'll ask over on the Datek thread. I would have posted this question on the Datek thread, but I first wanted to find out if I had a right to expect my order to be executed. I don't even care about the order. I was really using it to try to see how things track through the system. I don't get very far asking Datek Customer Support questions like this, so I thought I'd try here.
I realize the possibility of other orders ahead of mine, but that is very unlikely. Four times this day I entered orders between the bid and the ask on this rather inactive stock (canceled two early orders), and each time I saw the bid or ask change within a few seconds. Just a few seconds before I put in my buy order at $21 3/8 the bid was $21 5/16. It would have been nice to see it on Island, but of course I could not. In any case, what I don't know for sure is if Island has the same priority as the market makers, if it is some secondary thing they can choose to ignore for legitimate reasons, or what the rules are for filling limit orders. It's almost certain that my order for 200 shares was represented in the market before any others. What if someone else later put in an order to buy 1000 at my price, and someone finally decided they were willing to sell 1000 at that price. Do the rules allow my 200 to be skipped because there is a natural match between the 1000s? I wouldn't think so, but I don't really know. The replies I got here seem to indicate that if my order was in first, it should have been filled, because there were transactions at my price. |
