John
Why won't Datek address the partial fills problem??
Does Datek profit from partial fills??
When can we expect an "All or Nothing" option??
I do agree that partial fills are a pain in the A__, but if you operate an ECN, and most of us feel that ISLAND is a great service when used properly, how to you post a best bid or ask and not honor odd lots? Do you enjoy the new rule giving your limit order full market exposure, If I were a full service broker the ECN's would be the first place I would look for odd lot fills, they are nearly free, where as odd lot fills elsewhere are quite expensive. So as you have been with Datek basically as long as I have why don't you explain what you want, and just how Datek should implement it. Do you want a broker that gets paid for order flow, he will send it to a market maker that will give you round lot fills, he will however not get you the best possible fill price on every order. Or do you want a broker that is essentially honest and working for the customer, he gets you the best fill prices but occasionally gets you partial fills.
Which way should we have it?
Personally I like the ISLAND exposure, limit orders in the spread elsewhere often never get executed at all, as the only place they go is to the order flow paying MM, no matter what the rules say a broker that does not use an ECN doesn't always really get you honest market exposure.
Rod |
