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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.06

-1.4%

Nov 17 4:00 PM EST

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To: Alex who wrote (45866)	12/11/1999 7:57:00 AM
From: John Hunt	Read Replies (1) of 116762

New Rules Proposed for Day Traders (& Active Traders) << The nation's two biggest stock markets today proposed new rules to govern how much day traders can borrow, in a move designed to curb widespread practices that have given small investors access to massive amounts of money and disproportionate power over the markets. The rare joint proposal by the New York Stock Exchange and the National Association of Securities Dealers, which runs the Nasdaq Stock Market, would require day traders to keep higher balances in their brokerage accounts--but also allow them to legitimately borrow more during the day. Ultimately, it could scale back the astronomical number of trades that have tossed around technology stocks and seesawed the markets to record highs. The plan also lays out an official definition of the term day trader, possibly extending the label to plenty of investors who like to describe themselves as "active." The rule must be adopted by the Securities and Exchange Commission and is expected to be tweaked, incorporating a flood of comments expected from the industry and the public. Basically, the proposal is attempting to draw a ring around people who are day traders, as opposed to people who have one trade that is a day trade," said Elisse B. Walter, chief operating officer of NASD Regulations Inc. "There is still a lot of discussion about whether these are [the] right parameters." Under the proposal, a day trade is defined as buying and selling the same stock in the same day with borrowed money. A "pattern day trader" is anybody who makes more than four day trades in five business days. >> ... cont'd at ... washingtonpost.com This is a much wider definition than the classical 'day trader'. It may take some steam out of the wilder Nasdaq issues.

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