C,
I don't think that it is exclusively a Datek problem. Any broker-dealer with an ISLD affiliation can take out the order or a partial, as I understand it. They just have to preference ISLD.
The problem is, once the size is reduced below the other larger "Best Prices", the remainder of the order has to "work" it's way back-up, and then who will again preference ISLD? Corrections welcomed?
That's how I interpret Mr. Ketchum.
<<Richard G. Ketchum, president of the NASD. "The downside is that they are not getting any execution guarantee.">>
When the SEC tried to force through the "Best Price" nationwide, I think the National Association of Securities Dealers fought the idea so vehemently, that the SEC and NASDR, without the deep pockets of the big broker-dealer MM's, just rolled over and played dead - and put in an "All show, and NO go!" compromise.
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The more interesting scenario is the testimony before Congress in which Ms. Unger, of the SEC, implied to the House subcommittee on capital markets that approximately 3000 daytraders are the tail that is wagging the 300(?) trillion dollar US economy.
Scary.... I think the Congressmen are convinced they must STOP these dastardly pettifoggers - all 3000 of them... even if they must prejudice ALL retail investor's opportunities in order to save the US economy!!
<Armed with fast computers and sophisticated software, they see themselves not only at the market's epicenter but also on the same plain as professional traders.> <ggG - LOL!>
n
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