No, all Datek orders for Nasdaq stocks go directly to the Island book, one of the ECN's. You don't do anything. It's getting exposed to the whole market, so don't worry about that.
In other words, your order, when it first hits Island, is matched first with any orders at the same price on the other side. Those get instantly taken. So, if your order was for 500 shares, and the opposing order was for 300, then they take the 300, leaving you with 200 left. Then your 200 order gets posted on the book for all to see.
It's just that the nature of the book is that unless there is a matching order on the other side at your price, you won't get filled. That order could come from another Datek client, another broker/dealer who enters orders into ISLD, or another MM who sees your order on the ISLD book, and preferences it electronically to take it. Until that happens, your 200 will sit. And, sometimes, because of delays or other scenarios, the stock's price might have moved away from your price, so you won't get hit until and unless it comes back your way.
Hope this helps.
Len |
