InfoStream - I understand you saw FCGI on LII showing shares available. However, did you see any of the shares available at your price on the ISLD book? If not, or if ISLD was not on the inside quote, your order may have been Snet out. If that happened, you could have been f****d by an MM. They sometimes hold orders illegally, waiting to fill you - or not - depending on how the market moves. Or the MM will execute you, but not report the trade for however long, and so even if you send a cancellation order, Datek can't get a response from the MM. That's why I think it's critical to have the ISLD book open, in addition to the LII, and I try to only trade when shares are available through ISLD. I've been robbed by MMs too often to allow myself to be Snet out to these thieves.
I'm not necessarily defending Datek, but sometimes they are not guilty. The biggest thieves are the MMs. I keep hoping everything goes to ECNs. MMs at best should make a market in issues which are not widely traded (and so you'd get nothing on an ECN) - but the old function where they were supposed to really MAKE a market (i.e. buy/sell even when there are no traders on the other side of the trade), has been abandonded by these thieves... now all they concentrate on is stealing from traders and investors through arbitraging (not just the spread, but through holding on to trades, "manual mode" and other dirty thieving tricks). I cannot wait until everything goes into one giant ECN. |
