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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: jawd who wrote (504)	6/24/1998 6:13:00 PM
From: Len	Read Replies (1) \| Respond to of 1729

TO ALL: There was very long and heated discussion on this subject on the Datek thread last year. The Datek people came in a few times and gave some lame excuses, the gist of which is as follows: Datek claims that because they are Island's sponsor, that technically, the trades get reported as if they (Datek) were the principal (Jawd, watch your spelling <vbg>) and that as soon as Island gets their own ID number, this would change. So far, that hasn't happened, but they continue to swear that they DO NOT act as MM in any stocks, except two symbols, which I forget, that are actually test symbols for the electronic system. They also SWEAR THEY DO NOT trade in front of their clients. I guess, based on many posts there, you would get a lot of arguments from the clients affected, to the contrary. In any event, that is why (they say) there is that statement on the back of your confirmations. Len

To: jawd who wrote (504)	6/24/1998 9:18:00 PM
From: Colin Cody	Read Replies (3) \| Respond to of 1729

Carefully read the back of your Datek confirmations. "We acted as principle, either buying from you or selling to you. We may have earned a profit on this transaction" . I really doubt you quoted that correctly. If that's on THE BACK of the confirm, then that would mean EVERY trade they acted as principle. That is not realistic! . Big difference between acting as principle and acting as agent IMHO YUP, there is, take acting as your PRINCIPLE most every time!! Why on earth would you want them acting as a mere COMMISSIONED AGENT for you? . If you get a fair price, WHAT DIF DOES IT MAKE? . Colin