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Strategies & Market Trends : DAYTRADING Fundamentals
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To: shneed who wrote (10043)9/2/2000 3:41:00 PM
From: Wayners  Read Replies (1) of 18137
 
I would send a letter to your broker explaining that their interpretation of Rule 2520 is:

a) inconsistent with the interpretation by 95% of the brokers out there
b) effectively reduces their commissions by a factor of 95% or more for the short term from day trading without changing their exposure to risk whatsover.
c) will result in the loss of traders to other firms in the medium term
d) will result in your firm being out of business in the long term for non-competitive practices

I assume your broker up to now has allowed 60 trades per day using the same capital again and gain and that up to this point they've kept their yaps shut. Seems to me that if they didn't enforce their own policies and procedures up to this point that they would have a weak argument in court. I also assume that they didn't send out any new notices to customers on their "new" interpretation of Rule 2520.
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