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

To: Mama Bear who wrote (9738)	9/17/1998 8:32:00 PM
From: Esteban	Respond to of 16892

I guess I just think that Datek shouldn't have a problem explaining these things. You're right, they shouldn't. It took me over a week to get them to realize themselves that NYSE orders are not sent to their counter party after 3:59. Even though NYSE market orders usually execute in about 10 seconds, even at that time of day. To their credit, they did get to the bottom of it. Seems that Peter Stern was the only one who actually knew this. (Please change the cutoff time to 4:00 Peter!) The level of knowledge of the customer service reps has vastly improved over the last few months. It doesn't matter which of my brokers I call, if the question is difficult, the phone rep doesn't know the answer, even at Schwab or Fidelity. Some are more willing to pursue an answer than others. With an especially obtuse rep, I find it better to just hang up and call back so you can talk to someone else.

To: Mama Bear who wrote (9738)	9/22/1998 11:39:00 AM
From: Jon Tara	Read Replies (2) \| Respond to of 16892

Island is becoming more and more a dumping-ground for odd lots. It used to be just the occasional painful 17-share trade. Now it is prevalent, and across the board. I just did a random sampling of perhaps a half-dozen stocks, using the amazing Island Java viewer, and every stock I looked at was peppered with these annoying odd lots. In many cases, 50% or more of the orders on the book were odd lots. I wonder if we are ever going to get "all or none"? I'd also be happy with a "whole lots only" designation. I also noticed today significant delays when placing sell orders. It took a couple of minutes for each of my orders to execute. This was NOT in a fast-moving stock. Unfortunately, I didn't have the Island book open at the time, so I can't confirm this, but I wonder if Datek puts the order up on Island first no matter what? I was selling at the bid, and so I feel the order should have gone right to the MM, unless there were a matching bid on Island.