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Strategies & Market Trends : Option GEMS - Hot Options in Booming Companies...

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To: MonsieurGonzo who wrote (86)	7/27/1997 2:26:00 PM
From: Glenn D. Rudolph	of 396

I have a question for anyone with the answer. I recently opened an account with PBS. I often trade a security within the same day. PBS send me a letter indicating I am classified as a "daytrader" persuant to rules of the NYSE and other regulatory agencies. Thus, I must have 50% of the cash in the account to make a purchase or I cannot make that purchase. My other account permits me to buy as much security as I like but I do have to meet an Initial Fed call if I exceed buying power. Has anyone heard of a investor being classied as a "daytrader" and having a different set of rules to follow? Glenn PS I cannot find this rule on the SEC page or the NYSE page.

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