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

To: Len who wrote (10628)	12/16/1998 9:24:00 PM
From: Esteban	Respond to of 16892

It is my understanding that market orders at Datek are broadcast on Selectnet only I've never heard this. Wouldn't they have to preference a MM on the inside market if Selectnet or Island is not there? It's pure speculation where the market order black hole actually is, but if the order goes to selectnet and there are no shares to fill it there, would they just sit in the background until selectnet is on the inside market? Puzzling.

To: Len who wrote (10628)	12/16/1998 10:26:00 PM
From: gbh	Read Replies (2) \| Respond to of 16892

It is my understanding that market orders at Datek are broadcast on Selectnet only, with supposedly no human intervention Len, here's how order routing at Datek has been explained to me. Any marketable order (market or limit), is immediately checked against ISLD for a match, and if found is filled. If no match is found, it is auto-preferenced to a MM (I guess at the top of the queue??) sitting at the inside bid/ask. That MM has some amount of time (30 seconds???) to fill or its looped back to Datek, where it attempts another ISLD match, and if not found, the process repeats. This 30 second??? time lag is where a problem may lie. They insisted to me that if the market moves away and the order is not filled by the MM, then they don't even see the order again for this 30 second period. This is why market orders sometimes get REALLY slow fills. This was explained to me by a "supervisor". Admittedly, it could have have been the old "hey, I got a complainer here, who wants to to be supervisor next" thing... Also, I should add, that lately, Datek has been nothing short of awesome for all my orders. Of 5 marketable limit orders today, all filled in 0 or 1 second. OT-- missed you at the tailgate. Cooked up awesome Filets. Hope to see you at the Denver game. Gary