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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 (12725)	7/17/1999 8:57:00 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 16892

Morgan, On the other hand... it "ratifies" a situation we experience now and materially aggravates the lack of liquidity problem. Say, Market Makers do not like to display the true order size and put an autofill in units of a quoted or reserved size on, then: While presently one can receive multiple partial 100s fills when trading on the minimum & inside bid, it then means that this MM has to step back and - on Datek usually, the remaining order bounces back and hits ISLD on the other side if limited tightly. On any order entry system it will lead to more partial fills and increased trade time. What Datek, or other order entry systes regards, I'm sure they also will react and it will lead to an increase in trade prices. Because it makes greater discretion in limiting bids and/or multiple order entries necessary it will increase the effective spreads. A side effect would be that bigger ECNs could gain importance. Thumbs down. Although, I concede, it was a benevolent attempt to restore the earlier used transparency in market depth.