No. Is it gao or seng? I think you reversed your name there for the white devils maybe. <ggg>
Anyway, I'm a green, so no biggie.
The deal is this: the rule changed. As you know, a stock has to be marginable to be shorted. Used to be that IPOs were not put on the margin list for 30 days. That is now changed.
Any firm that has the stock (for one of their clients, for example) AND has it on their margin list, can loan the stock to be shorted. (Not WILL, just CAN)
An IPO, as a general rule, will be put on the margin list at 70% margin, (instead of 50%; which means you pay 70% cash for the stock).
So the firm has to have the shares, and they have to be on the margin list, and then you can short it IF you ask them and they say OK. Amount of dough in your account may be one clearing firm's rule, but it's not the law.
You know, I'm sure, that shorting shares of a stock that you have not confirmed are available to you by your clearing firm is illegal.
funphone.com |
