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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Michael who wrote (15530)11/17/1998 9:36:00 AM
From: peter michaelson   of 18691
 
Michael:

Thanks for the sentiments.

Datek informs me, with courtesy, attention and knowledge in this case, that their clearinghouse, CNS, made a mandatory buy-in. In other words, CNS made the trade themselves - not after-hours by the way - and then told Datek about it.

Datek did not even make the trade.

Does anyone know under what circumstances a clearinghouse can or would force an immediate buy-in? Any references on the mechanics of shorting, clearinghouses and the like?

Peter
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