Info, isn't it true that all large brokerages trade their own account? Such as Goldman, Morgan Stanley, Dean Witter, DLJ, etc. I believe (no basis in fact here) that these guys typically screw their retail clients on trades, primarily through lack of price improvement.
I would like to better understand what role the DATK market maker plays, buts I don't think they play any role in my trades with Datek. We know limit orders hit ISLD first. Datek has also told me that market orders also first look for ISLD matches (although I'm not sure this is quite legal per SEC rules stating MMs having to be "ahead" of ECNs). Datek has told me that market orders, if not matched on ISLD, are SNET'ed out. These could be filled by DATK, but not necessarily.
I think you believe DATK has some role in our occasional slow fills, and that maybe they use DATK to work against us, their retail clients.
I think these slow fills are just software related order routing problems. I get a slow one (3-5 minutes) about every 15 to 20 trades. All others are virtually instantaneous, 1-5 seconds. There is some reason that I never see fills in between these time ranges. I think its software.
That said, I have not seen a slow fill in over a week now. But I rarely trade before 10:00am.
Gary |
