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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: Sir Francis Drake who wrote (12484)	6/14/1999 3:55:00 PM
From: pooh	Respond to of 16892

express servers still slow from time to time - always seems like on important trades No argument on that, except it's slow most of the time. Datek is useless for daytrade today. I missed so many points since it did not response quick enough. Every click of my mouse need another minutes or two or forever to see Datek moves!!! It has taken my confident in daytrading today.

To: Sir Francis Drake who wrote (12484)	6/14/1999 4:49:00 PM
From: David Kuspa	Read Replies (5) \| Respond to of 16892

Question to any venerable trader who wants to comment: when placing a NASDAQ limit to sell order below the current "ask", should it update to show your lower asking price? Fidelity says no. But I'm pretty sure I've seen my orders placed with DATEK cause the "ask" to update almost instantly if I offer a selling price below the market. Is it because we are seeing the "ask" from our Island, where customer orders between the spread may be matched up without going to the NASDAQ market makers? My example: I placed a limit to sell GGUY at $6 1/4 today through Fidelity (where I have my IRA accounts). At that time, the bid was $6 3/16 and ask was $6 5/16. After 20 minutes, there was no change in the real time quotes I was checking through DATEK. I thought the ask would drop to $6 1/4, but it didn't. I called Fidelity and asked why my better asking price wasn't being represented. After a while on hold, the Fidelity rep came back on line and said that the ask was now $6 1/4, and I saw this on the DATEK quote. Fine. The ask then dropped to $6 7/32 just below my limit sell asking price, so I didn't check it again for about 15 minutes until just as the market closed. The bid was still $6 3/16, but the ask had gone back up to $6 5/16 and the last sale was $ 6 5/16. I checked my Fidelity order, and still no execution. Fidelity says this is because I would have had to offer it at $6 3/16 in order to get an execution, and that my better asking price did not have to be represented to the market. Their rep says that the market makers have to get their spread. Is this accurate?