I sometimes see Datek and Island as the same organization, as they are both part of the same holding company. I have used Island many times, and am absolutely blown away by the power of the system.
They are executing somewhere around 500,000 transactions each day, or roughly 4% of the daily volume of Nasdaq. Josh Levine, the mastermind behind the Island is a young genius who has revolutionized Nasdaq for the retail investor. Their headquarters in NYC is a technological wonderland. Having spent a few hours at Island with a friend of mine that works there, I am in awe. (I am always impressed by technological accomplishments.)
Being able to split the bid/ask spread and "play market maker" is an incredibly powerful tool. Many broker dealers that offer direct order routing have direct access to Island...it is a great way to "cheap" your way into and out of trades on less volatile stocks. I have always hated paying the bid/ask spread, and Island has saved me many thousands...thanks to Josh and Co.
With regard to response time, confirmations, etc., I almost never experienced a problem with my direct feed to Island. If you have ever used a web-based browser system for trade executions, I believe you will find that they are all pretty slow. I have heard some great things about Datek in the past...however, after reviewing some of the postings that you directed me to, I have, well, some opinions to rethink.
BTW, no, I don't work for Island...I am simply a huge fan of them!
Michael Turner
Author
DayTrading into the Millennium
tradersresource.com |
