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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: Jon Tara who wrote (10462)8/30/2002 12:17:19 PM
From: Dan Duchardt  Read Replies (2) of 12617
 
Which I suppose would be a good thing over-all for the public.

Why???

What NASD is doing here is, IMHO, a blatant attempt to impose rules created under their (combined with NYSE) daytrading proposal, which, by the language used in that proposal explicitly excludes cash accounts. There has been no proposal to the SEC for this, no comment period, and it is contrary to opinions rendered by the Feds in the past about Reg T, which is the governing regulation for cash accounts. The only thing prohibited by Reg T is free-riding, the use of proceeds of a sale to pay for the securities sold, and this aint it. If you accept the logic NASD seems to be spinning to prohibit this activity, you have to take a hard look at all daytrading and conclude that it is illegal because it permits the use of unsettled funds.

Tying up ones funds after a sale is exposing them to greater risk, not reducing it. Knowing that you cannot re-enter a position is a disincentive to stopping out if the market takes a dive. If that applied to everyone it would be OK, but it does not, especially not to the NASD members who are pushing this thing all over the place with the sole intent of making your money their money.
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