Steve,
Im usually pretty quiet around here, but I feel it is necessary to respond to your post:
"Careful with Cybertrader...if they were shorting and didnot have stock available, as was with the case with KTEL, they are probably not too far from getting shut down by the NASD. A firm has the obligation to affirmatively determine if the client is long, if not obtain stock for borrowing....short without it, and the NASD comes down on you."
The situation you are referring to involves MB Trading - NOT CyBerBroker or the CyBerTrader software. The method, rationale, and procedure used by CyBerBroker in processing and affirming its short sales are well known by the NASD, and are included in our regulatory filings there.
Also, as far as I can tell, the exact circumstances surrounding the KTEL situation with MBT are not known (at least by me). All I do know is that MB Trading appears to be a class act and are worthy of the praise that they receive.
Again, nothing herein is intended to stir up any further issues, however, when regulatory issues are brought into this forum it is my duty to respond.
Slipping quietly back into the lurk...
Mark K. Stryker
President/ CEO
CyBerBroker, Inc. |
