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

To: henry jakala who wrote (11344)	3/24/1999 5:57:00 PM
From: Jon Tara	Read Replies (1) \| Respond to of 16892

"i notice similar situations with limit orders where limits are outside of current bid/ask - on many occassions trades have gone thorugh at my price yet i remain unexecuted until the limit is reached" Do you really mean to say this? Limits are OUTSIDE of current bid/ask? If so, you aren't entitled to a fill. Even if your limit is INSIDE the current bid/ask, you aren't entitled to a fill. You only are if your bid is >= the inside bid, or your offer is <= the inside offer. If you see trades "going through" outside of the current bid/ask, then most likely they are late posts. A lot of that lately. Quirky timestamps - yea. Datek certainly has quirky timestamps.

To: henry jakala who wrote (11344)	3/24/1999 6:27:00 PM
From: Sir Francis Drake	Read Replies (1) \| Respond to of 16892

henry - I simply don't believe Datek is scalping traders. I'm not saying it's technically impossible, but I don't believe Datek would do it. Besides, in the past, when I looked at LII, and had the ISLD book open - the representations and executions were so FAST that unless Datek itself had shares trading on the market in a given stock, it would be very difficult to pull a stunt like frontrunning or scalping. Again, I suppose it's technically possible, but I think they would not risk a huge outcry that this would cause - survival instinct, see. Anyway - I don't WANT to believe that either. I have my hands full just figuring how to trade and the pressures of active trading are pretty substantial. I don't need to add creeping doubts about my broker to cloud my concentration. In the absence of absolute proof - I declare them innocent. Isn't that the American way?

To: henry jakala who wrote (11344)	3/27/1999 1:31:00 PM
From: Michael Abramson	Read Replies (2) \| Respond to of 16892

Henry, here is interesting observation: nasdaqtrader.com it looks like back in February Datek started to scalp against own customers and it's really interesting to compare this with data will be available in few days. In mean time I would be really reluctant to trade stocks on a top of this list. To be complete in this observation I want you to check this: nasdaqtrader.com which shows that not everything lost yet:) and there is still nice niche which called Island:) What you were describing is very dangerous issue called front trading and is using actively by third market MM for NYSE stocks with weak or unpunished yet specialists. Couple months ago I first time encountered it at Datek with NASDAQ issue trying to trade ERICY, was lucky enough to avoid losses. Regards, Michael. PS well..... it looks like long links are not publishing in full for @#$%^&*reason, so for those who is curious enough to read them use: nasdaqtrader.com this one first, change check from issue to Market participant and type "datk" to get first link and "isld" to get second