Datek auto-routing?
- Thread starter DanR
- Start date
Hi Dan,
I don't know the answer to your question, but my thoughts might be of some use anyway. I used Datek for several years, and now I use TS6. Let me tell you, the diffence is night and day. You would literally have to PAY me to go back to Datek. I didn't have any major problems with Datek, and for years I figured that the diffences between Datek and Direct Access weren't significant enough to bother changing over. I was wrong, and you should give some serious consideration to changing platforms.
I don't know the answer to your question, but my thoughts might be of some use anyway. I used Datek for several years, and now I use TS6. Let me tell you, the diffence is night and day. You would literally have to PAY me to go back to Datek. I didn't have any major problems with Datek, and for years I figured that the diffences between Datek and Direct Access weren't significant enough to bother changing over. I was wrong, and you should give some serious consideration to changing platforms.
def
Sponsor
larger size: any direct access broker that isn't selling order flow should do the job.
As for IB, the following link should answer your question...
http://www.nyse.com/pdfs/pt052302.pdf
As for IB, the following link should answer your question...
http://www.nyse.com/pdfs/pt052302.pdf
I would use ts6 datek is for the 100 share piker
In my experience it all depends whether the stock is traded on the NASDAQ, AMEX, or NYSE. My large orders for NASDAQ stocks tend to get filled in within 5 seconds. But if you ever try to do the same for an AMEX/NYSE stock, your order will get stuck, the market will go against you, you will get overcharged, and in addition, if you ever complain, Datek's/Ameritrade's customer service will do nothing for you, will blame it you, and will make your life miserable for you.
Baloney. Why would a 100-share piker choose Datek's $10.95? On 100 shares IB has a better ticket price -- only $5 bucks!
Isn't that link a little misleading? I agree IB is a great brokerage. But wouldn't that include Timber Hill and any trading/market-making/hedging they do?
def
Sponsor
If you read IB's disclosure on order flow, you'll note that my statement is not misleading. IB only will direct an order to Timber Hill if they can provide a price equal to or better than the NBBO. If you have two players with the same bid and you know for certain that one will honor their price and provide an immediate execution, naturally that is where you would send the order.
I must second that. The customer's problem with "payment for order flow" is not getting a fast execution at the limit price or better, the problem is that if your order gets routed to a market maker who pays for it, he keeps it there for a few seconds while he decides if and how he should fill it to squeeze the most out of it for himself. That is definitely not the case with TMBR. I challenge anyone here to show me a screenshot of a working TMBR order! There won't be any (unless of course you find a way to manipulate the screen shot), since TMBR always gets you filled faster than you can blink. And if they can't give you an immediate fill, they never hold your order, it just goes to the NYSE or ISLD or wherever else the best bid/offer may happen to be. Within milliseconds, not seconds.