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

To: jawd who wrote (8168)	4/26/1998 9:10:00 AM
From: gbh	Read Replies (2) \| Respond to of 16892

Secondly; look at the Ex (Execution) and Cap (Capacity) codes on the confirmation against each trade; 90% of my trades are C-3 which means this: snipped Actually, your understanding of this is completely wrong. In simple terms, a C-3 transaction simply means this; For a sell order, Datek bought your stock at the bid (or maybe higher), and immediately sold it (or tried to) at the ask (or lower). For a buy order, Datek sold you stock at the ask (or maybe lower), that that took in from someone else at the bid (or higher). There is nothing illegal or immoral about this and shouldn't surprise you. This is what ALL MMs do. Do you think any other MM operates differently? I think you don't understand the concept of the "spread". The MM takes the risk, and for that risk is entitled to the spread. BTW, since DATK does make a market in many stocks, this is the primary reason you can sometimes get filled between the spread.