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

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To: TFF who started this subject	8/30/2002 11:09:03 AM
From: agent99	Read Replies (3) of 12617

NASD tells Ameritrade to stop cash-less client trades (Reuters 08/30 11:07:41) NEW YORK, Aug 30 (Reuters) - Securities regulators have told Ameritrade Holding Corp. <AMTD.O> to stop letting its clients buy stocks without having the actual cash in their accounts to pay for them, the online brokerage said in a regulatory filing on Friday. Ameritrade customers with cash accounts were allowed to sell shares and then use the proceeds to buy other stocks, even before the sales settled and they received cash. The National Association of Securities Dealers notified the Omaha, Nebraska-based company on Aug. 22 that this violated NASD regulations, Ameritrade said in a filing with the Securities and Exchange Commission. Ameritrade said it is working with the NASD, which oversees U.S. brokerages and investment banks, to ensure its policies are compliant with securities rules. Ameritrade shares were up a penny at $3.65 in trading on the Nasdaq, below their 52-week high of $7.27. ((-- Brian Kelleher, Financial News Desk, 646 223-6124)) REUTERS

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