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Non-Tech : Brown & Company New "5 and 10 Store"? -- Ignore unavailable to you. Want to Upgrade?

To: Randall Thomas who wrote (131)	9/2/1998 10:01:00 PM
From: Esteban	Respond to of 1865

Actually, the back of the trade confirmations say: X: Over the Counter (w/o NSCC Clearing) S: As of Trades Nothing about the Philadelphia Exchange. I found out that Datek sends their NYSE orders to a third party who then represents them as they choose, with execution equal to NYSE just like Brown. In practice, over 90% are represented and filled on the NYSE, at least in my experience. I'd guess that the X and S designations are for those times when the Datek's counter party buys the shares as principal without entering them in the specialist book.