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: Jon Tara who wrote (7729)	4/6/1998 1:14:00 AM
From: The Vet	Read Replies (1) of 16892

Of course you are right Jon, but that being said the NASDAQ Market Makers do regularily cheat on the rules and I have seen it happen and documented it on certain NASDAQ stocks in the past few weeks. Some of them especially dislike Island (and by association Datek customers) because we have the ability to restrict the amount they can manipulate the bid and ask and thereby reduce their profits. In the particular cases I have seen I had orders to sell a security shown on Island and the MM's put through several sales at 1/32 and 1/16 higher than my sell price. My volume offered was more than the trades they put through at the higher prices and my sell was continually offered all day without execution. All the quote services I checked agreed that the highest price for the day was higher than my passed over sell. This of course is not Datek's fault and there is not much they can do about it, but I still wonder about where some marketable orders placed with Datek go when they are not executed in full and are not displayed on Island for several minutes after being placed. It happens regularily but no one from Datek can, or will, explain it to me.

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