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Non-Tech : Datek Brokerage $9.95 a trade
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To: Marie Thorsson who wrote (763)12/18/1996 6:22:00 PM
From: Gorak Shep   of 16892
 
My experience with the speed of Datek order execution is that it is dependent on the stock and how it is trading when you place your order. To say that market orders or limit orders at the appropriate bid or ask uniformly execute within 10 seconds or less is simply false. For balance, I will present the other side.

I have had some excellent executions. But I have also had many limit buys at Ask on fast moving stocks like MSFT or INTC that never executed as the price moved up even though there were several market makers at my price when my order was accepted. And I have had market order sells on such stocks execute at 3/8 below where the Bid was when the order was accepted after ripping through 8 or more market makers with my order taking more than a minute. My record slow execution was for a limit sell of a big stock at Bid where the Bid and Ask did not move for the nearly 4 minutes it took to get an execution. And none of these were odd lots or odd in any other way.

In some cases I am sure there were simply many other orders ahead of mine and my order was waiting its turn. In other cases I'm not so sure what was going on. I watch a real time tape on the stocks I trade and sometimes I just can't see a reason for my order being so slow.

It would be very helpful if people who describe fabulous executions would also name the stock and perhaps the time at which the execution occured so that others could evaluate the trading pattern in the stock when such a good execution was achieved.

Note that overall, I still think Datek provides better service than any other online broker I have tried. You often get terrific executions though not all of the time. You get immediate feedback and quick cancels if the order has not executed.

My purpose here is not to slam Datek but to provide a more complete view of what happens, at least in my experience. Sometimes I see so many wonderful reports here, I wonder why it is not that perfect for me.
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