Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: Sir Francis Drake who wrote (11415)	3/28/1999 9:23:00 PM
From: nick nelson	Read Replies (1) of 16892

<<Moreover, although commissions to trade online are indeed rock bottom, there are hidden costs in using the networks. Prices on these networks are inferior on 8 out of 10 stocks they trade, according to the National Association of Securities Dealers. In large part, that is because investors are trading only with other investors who are using the same network, rather than "meeting" all other investors in the broader NASDAQ marketplace.>> You mean 8 out of 10 times when I am being represented by Datek nationally as "Best Price", I am being screwed by the National Association of Securities Dealers? Reads like a SEC problem not an ECN problem. <<Frustrations over poor prices or trades that were not executed at all have led some experienced investors to wonder whether something is amiss between the time orders are placed and the time they show up on an ECN.>> (Like US Clearing broker-affiliates failing to represent their customers when they ARE the "Best Price"?) <<"The upside is that investors are getting that meeting possibility," said Richard G. Ketchum, president of the NASD. "The downside is that they are not getting any execution guarantee.">> Example: Datek customer's limit order for 1300 shares becomes the "Best Price" nationwide. Another market-maker picks off 1000 Datek shares and then 10 other MM's push through 1,000 shares while the Datek customer "twists in the wind", the Datek customer was the VERY FIRST to offer the 1300! The rest of the retail customer's order (300 shares) goes unfilled as other market-makers move the price away. <HA! HA! - retail investor - the Nasdaq, with the SEC's blessing, "JUST SCREWED YOU!!"> The Source <http://3483916810/nickn7/etrd.htm>

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