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Non-Tech : DATEK Market Maker
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To: gbh who wrote (7)8/18/1998 3:16:00 PM
From: INFO_DART  Read Replies (1) of 48
 
I think these slow fills are just software related order routing problems.

I think you are touching on an important point. However, I would emphasize that they are "software related." Software is how everything is controlled. Who controls the software? The people who own Datek control the software. Who controls the Island software? The same people who own Datek also own Island. And, who controls the Datek trading for its own account activity. Of course, the same people. They have a lot of control. It is like they are judge, jury and yes executioner of my orders. Furthermore, they also play the role of prosecutor, to the extent they trade against me for their own account. Clearly there are issues raised here. Keep in mind that we are in a new era of profound deregulation of financial markets. It is up to each of us to be on the alert for potential problems. It seems a perilous market structure that allows the same controlling interest to broker retail clients, operate an ECN and trade for their own account! Talk about insiders, WOW!
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