Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: facai who wrote (7678)	4/2/1998 11:39:00 AM
From: The Vet	Read Replies (2) of 16892

facia, I have been trying to get an explanation on this thread for some time about the handling of marketable orders. I have seen similar things happen where NASDAQ orders seem to be held for quite long periods before they appear on Island and are available to the wider market. This morning I placed a sell order (using your system of the fractional part only) before the open to sell at 5/8. That order was placed at 9:25 am but only appeared on Island at 9:32:25. There were several thousand shares traded at 23/32 and 5/8 during that time but by the time it went on to Island the price had dropped to 19/32. A second order for 11/16 placed at 9:30:34 was displayed on Island immediately so there was nothing wrong with either Datek's, Island's or my computer. I think somebody got my order and sat on it just to see how the market opened. As the price dropped on the open they simply put it back on Island but I suspect if the price would have went up then they would have bought them from me at 5/8.. Come on Peter.. You have ignored this question long enough!

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