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Non-Tech : Any Good Real-Time Quote Services

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To: Sam Cohen who wrote (33)	11/27/1996 12:17:00 AM
From: Jeff Gibbons	of 581

On Datek execution speed, it depends a lot on market condition. If there are lots of market makers to take your action or you are going against the market, then execution is very fast, a few seconds. But if you are trying to buy when the stock is running up fast or you are trying to get out when the stock is tanking, forget the fast execution. You will be behind the SOES traders and everyone else who got there before you. I have had several market orders in such conditions, particularly on the sell side, that took nearly a minute and one that took over two minutes. In these latter cases, I lost as much as 3/8 from where the bid was when my order was confirmed. I have NASDAQ Level II quotes so I can see what is happening. Also, many times I have submitted limit orders to buy at the ask when there is only one or two market makers at the best ask, and not gotten an execution as those market makers sell to other buyers and then raise their offer. I still use Datek, just want to keep the record straight. Not all orders get executed in a few seconds and some limit orders that are marketable at time of entry fail to get executed.

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