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Non-Tech : Datek Brokerage $9.95 a trade
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To: Dan Duchardt who wrote (6294)12/23/1997 10:03:00 AM
From: Fred Puppet  Read Replies (2) of 16892
 
Dan, your understanding of how the system works is correct. The person that you spoke to at Datek is wrong. To verify this, you might go to the NASDAQ site:
nasdaq.com
Enter OLOG (the stock that you wanted to buy) into the box, and you get a quote along with a blue box that says "New SEC Rules Apply". Click on the blue box to read more about the new rules. In summary, when you place a buy order between the bid and ask, your order becomes the bid. If nothing else changes, then the next person who sells at the market sells to you. However, other retail customers or market makers can also place bids at your price, in which case you might not be the one to buy when a market sell order arrives. The broker that handles that market sell order can route it to any market maker at the best bid. They are unlikely to route the order to Island if they have an established relationship with another market maker at the best bid.
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