Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: MJR who wrote (6296)	12/23/1997 9:30:00 AM
From: Dan Duchardt	Respond to of 16892

Mike, I believe you are right. In fact, earlier in the day I sold OLOG at 21 3/4. At the time I entered my order the quoted bid was $21 3/8 and the ask was 21 7/8. As fast as I could get a new quote I saw the ask drop to my price, and soon after that I got my order filled. When I placed my buy order at 21 3/8, the bid was at 21 5/16. The next quote I got a few seconds later showed the bid up to my price. I understand the market has no obligation to sell at the price I am offering. What I want to know is if I'm the first one to enter a bid at a certain price, can the MMs legitimately buy at that price from someone else and leave my order untouched, and if so what are the circumstances? Can they pick from among all the offers at the best bid regardless of who offered first? Do the limit orders placed through Datek have some second class status in the market? Does Datek hold our orders out of the market until it moves to match our price? If the MMs were not playing fair, so be it, I can't control what they do, but I'd like to know what is supposed to happen when I enter a limit order through Datek. Thanks for your reply