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

To: Jon Normile who wrote (6204)	12/8/1997 1:30:00 PM
From: Jack Zahran	Respond to of 16892

Dear Mr. Normile: Thank you for your excellent and informative post. I have learned a lot about trading in the past few months and I owe a lot of that knowledge to the experiences I have had with your company. If you look at my post, following the one you quote Message 2896500 you will see that with regards to market representation, I concluded that you must be representing trades on Island while still working them outside of Island as well. What is troubling to me is the notice on the trade confirmations, which seem to contradict at least one of your statements, namely: "3. we acted as principal, either buying from you or selling to you. We may have earned a profit on this transaction. Any markup or markdown earned by us is indicated on the face of this confirmation as a commission earned." (bold is mine) In addition the Agreement & Conditions section states: "The Firm may receive remuneration for directing orders to particular broker-dealers or market centers for execution. Such remuneration is considered compensation to the Firm, and the source and amount of any compensation received by the firm in connection with your transaction will be disclosed upon request." Statements like the above are the cause of much confusion when reconciled against your statements on this thread (at least for me). I take great efforts to represent matters as accurately as possible even consulting the source of the data as I did with regard to the NasdaqTrader site. I appreciate your further clarification of the above statements. Sincerely, Jack Zahran

To: Jon Normile who wrote (6204)	12/8/1997 4:59:00 PM
From: Mike	Respond to of 16892

Mr. Normile, >Q. Is Datek Online a market making firm? >A. No, Datek is an order entry firm. This is otherwise known as an >unregistered market maker. This is double talk at best! You are not a market maker but an unregistered market maker?? >Whenever Island doesn't give the best price, we take the customer's >order directly to the market making firms. Not so. I placed a limit order to sell above the ask and my order went to Island as it should. The bid then moved up through my price and stayed above it for several minutes before falling below my limit price again. My order did not get the representation it should have and it cost me money. Maybe Island/Datek was designed to give the best price to its customers, but in practice it does not. When your automated system fails to represent our order, you should provide us with a fill. Mike

To: Jon Normile who wrote (6204)	12/13/1997 10:04:00 AM
From: Mike Schoonmaker	Read Replies (2) \| Respond to of 16892

Jon, since I haven't been able to get a response from an e-mail sent last week to support@datek.com, perhaps you could answer this. When is Datek to be supporting stops on NYSE issues? Your FAQ page indicates that this is "forthcoming", but it seems that other services that were "forthcoming" (like options) seem to not even get lip service, either. Thank you in advance, Mike Schoonmaker

To: Jon Normile who wrote (6204)	12/15/1997 5:34:00 PM
From: Slaran	Respond to of 16892

Jon Normille wrote: >As you know, market ordes and >marketable limit orders are processed for immediate execution Really? My experience is that 1) when the stock is moving up and I'm trying to buy, marketable limit orders go from "Processing-day" to "Live order" then to "open-day" and don't get executed as the market has moved past me. These aren't even very "fast" securities. 2) marketable limit orders get executed in .5 seconds when the market is moving against me. Not very fun. -Slaran