However, until I'm shown some facts to prove otherwise I'll believe what makes sense based on my experience and observations.
According to you, your "experience" includes knowing that the various margin rules are set by the Fed et al, and that different brokers enforce the rules - as per the NASDAQ SC example - in either the same way or stricter than they're set forth by said regulators.
Based upon those two items, how does the assertion that in this case...the SEC, according to you, would classify firms with utter disregard as to the activity taking place therein...make any sense? It doesn't; it's not consistent, nor does it make any sense from a practical or express point of view, based upon the likely consequences of what you propose, what is stated in the Pattern Daytrading Notice to Members and, again, what is the case with options accounts, penny stock transactions, margin rules, etc.
And, if indeed your statement was a "question:" why ask a question when you have set in your mind that the answer must make sense based upon your experience and observations? The whole idea of asking a question, at least as I see it, is to gather an explanation for something which either doesn't quite jive with our experience or to add to our body of knowledge via confirmation of the facts/experiences we have.
I'll provide answers when questions arise, and I have provided links from time to time where specific examples were involved, but in this case where basic concepts - and more importantly, where you yourself have used examples that support exactly what I'm saying - it's just not worth the time to do so.
What facts do you have - besides a post (clearly not a fact, but a place to start) to which you never provided a link - that this situation might be treated entirely differently than any other regulatory initiative in the past, say, 5-10 years?
That being the case: believe as you do, MB, that the SEC (not the SROs, the primary of which the NASD and NYSE), is going to classify all (not just those that apply) accounts at select firms (having not put forth broker-dealer qualifications) as account trading pattern descriptions - even if the activity therein was not, up to that point, pattern daytrading described in the bulletin.
Moreover believe, if you have resolved to do so, that differences in treatment of rules by broker-dealers is a product of the regulators singling out firms rather than - and despite your own acknowledgement - the fact that firms, having received the rules, can enforce them with equal or stricter measures than stated therein under the watchful eyes of the SROs.
Have a nice day :)
LPS5 |
