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Non-Tech : Datek Brokerage $9.95 a trade
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To: thecupwinner who wrote (8587)5/28/1998 11:20:00 PM
From: LTBH  Read Replies (1) of 16892
 
New Excuses and Same old problems

Had another problem with how you execute trades today. I sent email to trades@datek ATTN Tim Richter since you indicated this ensures a timely response by you.

Sent email at 12:40 and trades sent an unsigned response at 17:03. Not timely. However it was very informative. Since Datek is unwilling or unable to handle email, I will again post here.

I entered an order 1/16 above the bid for 200 shares, my bid was quoted as the only order at the highest bid. 100 shares traded at my price and then 500 shares at 1/16 lower than my price. I got a partial fill of 150 shares at the higher bid.

Why was I charged a higher price for 50 of the 150 when they when through at 1/16 less?

How could I get a partial fill when 500 shares traded under my bid?

From the Datek email response:

1) I learned a whole about AON and then was told but Datek doesn't offer AON;

2) I learned that Datek has chosen to use Island because its a wonderful vehicle but Island screws up because it can't handle AON (even though Datek doesn't allow AON);

3) I learned that a stock with 140K volume is too low for Datek to be held responsible for proper execution of a trade.

4) I learned that because this is a slow moving stock with only 5 trades in a half hour, it was so slow Datek couldn't execute my trade correctly and Datek shouldn't be held responsible;

5) I learned that I should email support instead of trades for assistance (just finished playing this ring around the rosey 2 days ago).

Unfortunately none of these responses had anything to do with why Datek did NOT provide an orderly execution of the best bid. Each of the responses DID fit the non responsive pattern that has long been Dateks history.

Networm

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