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Politics : Ask Michael Burke

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To: lindend who wrote (62928)	6/22/1999 11:31:00 AM
From: Michael Bakunin	Read Replies (1) of 132070

Not an urban legend, a lie. There is no legal requirement to provide such interest, true, but that does not equate to a prohibition. Doesn't mean you should escalate; it means you should fire Schwab and hire someone who'll pay you a fair 'short rebate'. See tourolaw.edu See Rule 15c3-2, 17 C.F.R. § 240.15c3-2 (addressing broker obligations with respect to customer free credit balances); Norman P. Singer, SEC No-Action Letter, 1979 WL 14184 at *1 (July 12, 1979) ("Inasmuch as no NYSE or Commission rule prohibits or explicitly mandates the payment of interest on customer credit balances and monies generated from the lending of customer securities, the payment of such interest is a matter for negotiation between the customer and the broker-dealer.") -mb

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