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Non-Tech : Datek Brokerage $9.95 a trade
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To: GS_Wall Street who wrote (9204)7/21/1998 1:18:00 PM
From: gbh  Read Replies (1) of 16892
 
So for me using Datek is just like using ISLD, and if you have watch L2 for awhile you know that typically ISLD is the last one hit at the price level. Not much you can do about that except become a MM.

Greg, correct me if I'm wrong, but the reason it might seem that ISLD is last to get hit is that ISLD (being an ECN) can only be hit if:

1) Selectnet preference of ISLD.
2) direct ISLD connection (like Datek) has matching order.
3) ISLD is at the inside bid/ask with no other MMs.

A market order can only be filled by an ECN if no other MM is currently at the inside bid/ask. This applies to buy at the bid, sell at the ask. Datek seems to skirt this "rule" (I think its a real NASDAQ rule) in that they first look for ISLD matches even for market orders. I'm not sure they are supposed to do this, but they do.

Gary
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