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

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To: Jenna who wrote (98)	7/27/1997 4:59:00 PM
From: Glenn D. Rudolph	of 396

Glenn:Yes, I've been banished from Lombard on the excuse that I was a "daytrader"...I kept my stop losses/buy limits and I guess they decided to close my account... After reading every bit of their brochure I saw no mention of word "daytrader" I have searched for the word "daytrader" via all the Federal Reserve Board Rules, NYSE rules, NASDAQ rules and SEC rules. However, I did get an answer on the INTC thread regarding the crash of 87 that all securities must be paid in full before selling them. PBS makes no mention in their brochure, contract, etc about daytrader. .I'm still not clear on how they compute my buying power... I know though that because I do trade quite a bit of options I have had to transfer equities from my full service broker...even though I have a fairly large account with ABwatley.. The SEC rules permit 400% of your equity as buy power. However, many firms are more strict than the SEC. PBS requires 50% of the value of the underlying security to maintain a naked put or call option. PNC brokerage only requires 20%. PNC also does not classify one as a daytrader as far as I know. Glenn

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