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

To: Peter Stern who wrote (6181)	12/5/1997 2:11:00 PM
From: Jack Zahran	Respond to of 16892

Thanks Peter, but what did the Nasdaq rep mean when he said that the volume that is reflected on the Nasdaq Trader site for Datek is separate for the volume that goes through Island? He mentioned to me that if Datek sends a trade through Island then it would be reflected through on as part of Islands volume. However Datek shows greater Volume then Island. The Nasdaq rep also told me that the volume that is listed with a non-registered Market Participant is not represented to the entire market. In addition, my account statements show that Datek has acted as an MM in the past as well with CRTM. It also shows that Datek acted as Principal in most cases not "some", as you state, and only occasionally acting as an agent. However, those are nice goals that you have and I understand that you, personally, do work very hard to achieve them. Thank you for attempting to clarify this matter, but I feel your post still leaves unanswered the factual data found on the NasdaqTrader site and the explaination given to me by a rep who maintains this data. Enjoy your weekend as well. Jack Zahran

To: Peter Stern who wrote (6181)	12/6/1997 12:41:00 AM
From: Mike	Read Replies (1) \| Respond to of 16892

Sounds like semantics to me. The bottom line is that Datek's interests conflict with the interest of their customers. This may be legal or this may be not so legal I don't really know. Anyway you slice it, this is bad for Datek customers. Mike

To: Peter Stern who wrote (6181)	12/11/1997 1:11:00 PM
From: Esteban	Respond to of 16892

Peter, I am not receiving representation for my non marketable limit orders on AMEX. Today I sold SPY on AMEX. I entered the non marketable limit order at 10:43:12, most of the fill came at 10:47:23, over 4 minutes later. During the entire time my order was the best ask. It was never represented as such. If the price had fallen during this time instead of rise as it did, my concern is that I would not have been filled and would never have received respresentation. There is no problem with the outcome of this morning's trade, or the others I have made in SPY for that matter. However, this is the 6th time in the last 2 weeks that I have had the same thing happen: no representation. Six is also the number of SPY limit orders I have placed. I'm trying to avoid a train wreck when the price does move away from me one of these times. If I'm represented, I know where I stand. If the price moves against me so that I'm no longer the best ask, I can take actions accordingly. Please assure me that when I am not receiving representation after a minute or so, it is only because my order is in the process of being filled, and that I can rest assured that I have a fill. Fill the order, or represent it, are those the only 2 choices? Esteban

To: Peter Stern who wrote (6181)	12/11/1997 2:11:00 PM
From: Esteban	Read Replies (2) \| Respond to of 16892

GREAT fill at Datek! Just after complaining about no representation (previous post), I get a wonderful fill on SPY. Place my order to buy at 96. Get filled less than 1 minute later at 95 7/8, on the bid! Peter I'd still appreciate an answer to my last post, just so I know what's happening with the orders. Esteban