>>>Datek's "profit" is just what it is supposed to be, and what they are entitled to. They can buy at the bid (you can't and you will never, ever, ever be able to unless you become a MM), and they can then turn around and sell those shares at the ask (you
will never, ever, ever be able to unless you become a MM).<<<
The new rules on Nasdaq say that any limit order must be represented. If I offer to buy at the bid it must be represented on Level II, and it doesn't matter which brokerage does it. If you're arguing a technicality that I have to go through an MM, then you're right, but if I offer to buy NSCP at 25 1/16, and the bid is 25 1/16, and the order executed at 25 1/16, I have bought at the bid in my estimation. And this is a regular, not an uncommon occurence in my trading day, although my impression is that it is harder to buy at the bid and sell at the ask with Datek than it was with Waterhouse.
Barb |
