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Non-Tech : Datek Brokerage $9.95 a trade
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To: Pdolphin who wrote (9019)7/10/1998 10:30:00 AM
From: RealMuLan  Read Replies (1) of 16892
 
NYSE Rule 431 (the 90-day restriction rule)

A "day-trader" is any customer who purchases and sells (or sells and purchases) the same security on the same day, regardless of their opening or closing position.

If a client is "day-trading" in a cash account, this falls under the "90-Day Restriction Rule". According to Rule 431, "no member organization shall permit a customer to make a practice, directly or indirectly, of effecting transactions in a cash account where the cost of securities purchased is met by the sale of the same securities". If a client sells securities in his or her cash account prior to having paid for them, no additional purchases may be made in that account for a period of 90 days following the sale, unless full payment is received before the order is executed.
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