Datek Brokerage $9.95 a trade Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Datek Brokerage $9.95 a trade

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: AS Hibbs who wrote (10058)	11/2/1998 10:59:00 AM
From: WaveSeeker	Read Replies (2) of 16892

Broadway Consulting Group is a day-trading firm in New York City. This company was the developer of the Watcher (front-end day-trading software) and the Island (back-end trade matching). The retail firm Datek Online uses the Island for trade matching and execution. If you have access to Level II quotes, then you can see your order go out on the Island (ISLD) - it will be displayed in the market maker window if it is the best bid or offer price. The problem is that the Datek order routing fails to go immediately to other market makers or ECNs. Your order will sit there on the Island for minutes because they are waiting for a matching Island order. In the meantime, especially if you have a large order, the Island day-traders will sell "ahead" of you while your order is out there waiting for a match - essentially you're a sitting duck. The key difference is that other firms will execute your market order immediately at or below the bid price while the Island is trying to get a better price for you. Not exactly what you would expect from a market order, is it? - Mark

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next