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

To: Morpher who wrote (6176)	12/5/1997 5:56:00 AM
From: Dirk Hente	Respond to of 16892

example please >You're right that there is however a handful of stocks that Datek is a MM in.<

To: Morpher who wrote (6176)	12/5/1997 9:25:00 AM
From: Jack Zahran	Respond to of 16892

With Regard To NASDAQ TRADER Data and Datek: I just spoke with a NASD employee regarding what it really means to be non-registered as Datek is. Nasd likes to refer to these fims as Market Participants since they DO NOT FULLY REPRESENT YOUR ORDERS as do the registered MM's. The volume you see for DATK is different and separate than that of ISLD. Island does give you full representation. Whenever Datek sends your order to Island then your order will be fully represented, however Datek evidently does more volume outside of Island on many stocks. When Datek acts as a Market Participant, you will not see them on the level 2 screen although they will effect a change to the volume of the inside spread. When an order is executed this way, it will be printed though it did not appear on level 2.