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

To: rob jones who wrote (9386)	8/6/1998 8:56:00 AM
From: Len	Read Replies (1) \| Respond to of 16892

I think they would need to get their Streamer finalized and working well before they would attempt Level II. At least I think they should. And since it is still only in alpha testing, Level II is probably a ways off. COOL is a new IPO and supposedly isnt allowed to be shorted yet Datek allowed me to place a short sale order. (It was a limit order above market so it didnt fill. I wouldn't think that Datek's order server would know at the time you place an order that the IPO rules apply. Perhaps that is why your order was accepted. But I think the reason it didn't fill is because somewhere further down the line, the proper filters were in place, not because of it's limit price being above the inside quote. My guess is that ISLD HAS TO have such a filter, because they are ultimately responsible for executing Datek's limit orders. Datek's system probably just makes sure the parameters of your order are correct, and that you have sufficient buying power, etc. Of course, if it IS Datek that is supposed to stop the orders before sending them down the line, I'd have no trouble believing that no one there had bothered to make sure IPO's aren't shorted during the first 30 days which is indeed the rule. I might be wrong, but that's my best guess. I'm sure someone will correct me if I'm wrong.