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Non-Tech : Datek Brokerage $9.95 a trade
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To: Peter Stern who wrote (931)1/16/1997 4:09:00 AM
From: LCE321   of 16892
 
Question about shorting.....

This is my first week with DATEK, so this may or may not be a stupid question. I'm not too familiar with SOES, Selectnet or Islands but I have been trading daily for several years. I have found it very easy to shorts stocks on DATEK. I have only shorted a few, as it is my first week, but the few that I did short were executed almost immediately. Through my (human) broker I must first request that shares be borrowed before I can even place an order. When (and if) the shares are borrowed I often wait several minutes before the order is executed, following the uptick rule. How does DATEK (Islands) get around this, or do they at all? Is the system just that fast or are the orders routed in a different way? Today I shorted ZITL for a quick 1/2 point. My order was executed in just a few seconds. I was in and out in less then 5 minutes from the moment I made the decision to place the order. Never have I been able to do this through my other broker. And my other broker is very fast, for a human that is.

How does DATEK go about borrowing shares and executing short sales? Are they borrowed and routed in a different way then normal NASDQ orders? Any response will be appreciated. Even if the answere is simple and short..... Just trying to figure out the intricacies of the system.

Thanks
Leif
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