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Non-Tech : Datek Brokerage $9.95 a trade
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To: Dan Duchardt who wrote (6493)1/28/1998 12:27:00 PM
From: Esteban  Read Replies (1) of 16892
 
Dan,

That experience you relate about your AMEX trade is very strange. I've found that if I get to what should be first in line on the ask as a seller, I get the next fill. Same on NYSE. The difference between the two exchanges for me has been that I can see my offer reflected in the quote when mine is the best on NYSE, not on AMEX. Still I always seem to get the fill that I would expect.

Here's my understanding of how orders are handled on the AMEX and NYSE. Your order to sell placed at the ask should be entered in the specialist's book and basically filled in the sequence in which it was entered assuming there are enough buy orders at that price to fill all the orders entered before yours. If there were hundreds of trades at the ask and your order was on the book it is very unlikely that the list was so long that you wouldn't have been filled. Just because you don't offer at the bid does not mean you're not entitled to a fill. Every time I've called DATEK about representation the rep initially tells me that since I didn't offer at the bid I have no right to expect a fill. NOT TRUE as they verify after putting me on hold for a while. It depends on the circumstances.

This does not hold true on the NASDAQ. The MMs have no obligation to fill your sell order unless it is at the bid.

If my understanding of order handling on the exchange floors is incorrect, I'd very much like to hear from someone who knows better than I. Gorak?

Esteban
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