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

To: David Kuspa who wrote (10754)	1/10/1999 1:18:00 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 16892

Displaying round lots is a market rule. There is now way to represent odd lots. You can try this out: For simplicity, I always mention "inside market" orders as then you will see your best bid (or ask) displayed on a normal realtime screen, too. You can try this out in a thinly traded stock with u-wide spreads (I used TELEU to try it out). You won't get any execution for hours if you split the market in the middle. When you have Datek and a Reuters Terminal (or any screen representing Nasdaq L1 or L2 quotes) you will see any inside market order which you enter at datek, as inside market orders in island are represented on the nasdaq and displayed on an L2 screen. So, enter an odd-lot order inside market, ie an order not making up a round lot which is a multiple of 100 shares. Then you will see nothing. However, also the odd-lot order gets executed once the ask (for a buy) or the bid (for the sell) has been moved until it at least matches your order limit price. I noticed this since I began trading. In my very early trading days, I traded small quantities in high priced stocks, very often quantities beyond 100 (as I regulated myself using $ volume limits) But then, when you enter a second order which supplies enough pieces in order to get your formerly entered order to make a quantity at 100 or greater, the round portion is being displayed on the l2 screen immediately. Example: Have 77 shares in an live order. Enter a quantity of say 23 or more, then 100 shares are displayed on L2. enter 123 then you'll see 200. (ie your price, for selling ask and x2 on the ask side). C.

To: David Kuspa who wrote (10754)	1/11/1999 11:22:00 AM
From: David Kuspa	Respond to of 16892

To All: Tim Richter looked into my MDEA trade and determined that my remaining odd lot partial fill should have had an execution when the ask dropped to my limit buy for about 45 minutes. He is striving to improve customer service when we call in, and says he will compensate me with free trades. Thank you Tim, and to all who helped me clear up this disappointment/confusion. I'm aware that partial fills are always a possibility, depending on how many shares at what price happen to be on Island. I suppose in many cases, I'd rather get a partial fill of SOME shares at my price than none at all if only a few shares are available on Island at that price, while the market's bid/ask is just beyond that price up or down. In the case where the bid/ask doesn't stay there long enough for you to get an execution on all of your order, what do most of you do? Is it better to cancel the remaining odd lot order and replace it with a market order to get your order back up to a round lot number? Or is it better to wait and just sell your next block as 100 + the remaining odd shares? For example, I take it from the earlier example that a market order of 132 shares should still execute completely. Does this also apply to a limit sell order if the market comes to your price? D. Kuspa