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Non-Tech : Datek Brokerage $9.95 a trade
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To: INFO_DART who wrote (9650)9/8/1998 4:39:00 PM
From: AHM  Read Replies (1) of 16892
 
I don't know what your definition is of a "major firm" - but it is certainly different from mine.

The firms you list do not have sufficient capital to make a market. Many of them, however, clear through firms that do make markets - which is almost the same as making a market themselves. Start thinking Merril Lynch, Paine Webber (a an example of national firms) and Janney Montgomery Scott and Hannifen Imhoff (as an example of regional firms).

I noticed you left off Discover Brokerage and others that are affiliated with recognized major firms who make markets. Livetrade.com clears through J.B. Oxford, for example, and any trades you execute with J.B. Oxford or Livetrade.com will disclose when the issues you have traded are ones in which J.B. Oxford makes a market.

Order flow involves a perfectly legal kick-back to the firm that directs an order to a firm with which it has such an arrangement. Since many market makers work for as little as 1/16th, where does this come from? It's in the price - and when a firm on Level III sees a market order from a firm it must pay it can play all kinds of games within the seconds allowed to fill to make certain they have sufficient profit to be able to share. On an order at a price, they can wait until the market has moved to where they can fill profitably.
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