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

To: Mama Bear who wrote (9878)	10/6/1998 11:07:00 AM
From: deke leatherman	Read Replies (1) \| Respond to of 16892

I have had several orders placed after hours for execution the next day or gtc orders which do not trade in a timely manner on the following morning. This morning an order to sell at 11 5/8 was not executed until the stock went up to 12 and started falling back. The volume had already reached 236000 shares and the stock had been selling for 3-4 minutes at 11 3/4 or better. Order was executed after 7 minutes. I talked with 'Mike' at Datek. I told him of the several posts that I had seen on SI about morning trades with Datek and that I was concerned. Mike's response was that the order had been reviewed and settled promptly. He read from the transaction log; I asked for a copy and he responded "No - the log is our property, we are a private comp any and we do not have to supply you with that information." I said that I was not complaining as much wanting to understand what was occurring and made reference to the SI posts. I did indicate that as a customer/client that I had expected a more professional response both in tone and temperament. I told him that I was troubled by the Datek response to others and now having experienced that same response/attitude now feel that Datek is not forthcoming and open with us. 1. We know that Datek makes money from order flow. 2. We know that Datek still owns ISLD or some part thereof. 3. We know that Datek does internal market-making between us as customers and recognizes profit from the 'difference'. 4. We know that Datek IS a private company (as I was reminded) and is entitled to make money in whatever way that they can (legally). I know that I (have been / am) a good customer of Datek. They seem to have a good business model/plan. However; will greed and 'sharp pencils' cause more of us to defect? Other DATEK SI members: How do you rate their customer service these days? Datek is not and will not be a means of day-trading and I am aware that orders already on the 'book' must be filled first 'fifo' and that in itself may cause an order to be filled later than we might think appropriate. What are Datek's obligations to execute an order? What length of time (all day) must pass? If they do not have an internal match; when must they post/send it to ISLD? Do they go to other Nasdaq MM's quickly (in your opinion)?