The Final Frontier - Online Remote Trading Message Board

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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: Dan Duchardt who wrote (10118)	5/3/2002 8:02:19 PM
From: Wayners	Read Replies (1) of 12617

What is emerging is that the SROs are telling brokers that even what the conservative brokers are doing is in violation of the rules, saying that their interpretation is that daytrading in a cash account is prohibited, and that the proceeds of a sale in a cash account cannot be used to make another purchase for three days because of T + 3 settlement. This statenebt has always pissed me off. If the the state of the markets is such that you cannot trust settlement to occur, such that you cant trust receiving the proceeds of a sale, the markets need to be closed down immediately for lack of confidence. That statement of people actually being worried about trades settling without parties reneging tells me those people should not be involved in the markets at all. From a risk standpoint where are the statistics that back up reusing cash funds without margin in the same day is a high risk activity?? Its all BS. They just don't want to be jipped out of earning full margin interest on almost zero risk. Thats the real story.

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