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Non-Tech : E*Trade (NYSE:ET)
ET 16.71+1.7%Nov 28 9:30 AM EST
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To: Henry Hayashi who wrote (12576)3/15/2000 12:50:00 PM
From: BWAC   of 13953
 
Henry,

<Any advice on legal recourse would be greatly appreciated.>

Advice: NEVER EVER try to transfer options in the future. You have so many cross currents going on that it is nearly impossible. You have the battle of forms to get full options approval, you have the battle of forms between departments, you have the battle of forms between the transferring in/out brokers, and then you have time value erosion to consider on the options themselves. Simply just to much going on. Exactly as you have typed.

Be sure and consider that the transferring OUT broker generally is in no hurry to get these accounts transferred. It is very low priority to them. In the future, I strongly suggest that you effect all transfers yourself, on your timetable, and most importantly in YOUR control. Not some back office of a broker who is losing a customer upon the transfer.

Also consider that I personally only know of one mainstream OLB that will immediately open a full option trading account upon the initial application, Brown and Co.
Options as you know require many more forms and approvals from the broker. Without these approvals you cannot even transfer options in, since it violates the investment profile that you and the broker agreed to.

Legal Recourse: Not a chance. EGRP will blame the other broker for the delays. They will blame EGRP. Then both will say the options delayed the matter due to incomplete trading approvals.
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