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Non-Tech : Datek Brokerage $9.95 a trade
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To: David Kuspa who wrote (10754)1/10/1999 1:18:00 PM
From: RockyBalboa  Read Replies (1) of 16892
 
Displaying round lots is a market rule. There is now way to represent odd lots. You can try this out:

For simplicity, I always mention "inside market" orders as then you will see your best bid (or ask) displayed on a normal realtime screen, too. You can try this out in a thinly traded stock with u-wide spreads (I used TELEU to try it out). You won't get any execution for hours if you split the market in the middle.

When you have Datek and a Reuters Terminal (or any screen representing Nasdaq L1 or L2 quotes) you will see any inside market order which you enter at datek, as inside market orders in island are represented on the nasdaq and displayed on an L2 screen.

So, enter an odd-lot order inside market, ie an order not making up a round lot which is a multiple of 100 shares.
Then you will see nothing. However, also the odd-lot order gets executed once the ask (for a buy) or the bid (for the sell) has been moved until it at least matches your order limit price.

I noticed this since I began trading. In my very early trading days, I traded small quantities in high priced stocks, very often quantities beyond 100 (as I regulated myself using $ volume limits)

But then, when you enter a second order which supplies enough pieces in order to get your formerly entered order to make a quantity at 100 or greater, the round portion is being displayed on the l2 screen immediately.
Example: Have 77 shares in an live order. Enter a quantity of say 23 or more, then 100 shares are displayed on L2. enter 123 then you'll see 200. (ie your price, for selling ask and x2 on the ask side).

C.
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