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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (5421)10/7/1998 9:12:00 PM
From: steve goldman  Read Replies (1) of 12617
 
What to do if your firm goes bellyup - I must have gotten about 15 calls early in the morning and yesterday from upset (really upset) PT Discount clients...they couldnt trade their positions, they couldnt get bear stearns on the phone, the market was down 100 plus...what would I recommend ...
First, its pretty much the same as if you had serious computer problems with your direct order entry firm...close the position...dont trade it, dont get cute, dont expect that short will continue to go your way...forget gains...objective is to limit liability and elminiate open positions....you have no idea how long you might be in limbo, close them out. You have no idea when you might get another chance to liquidqte the position if the clearing firm isnt handling all the calls in a timely fashion, if at all.

Secondly, closed out, you are probably in a better position to get the firm to FEd funds wire the cash to your bank. Take the cash immediately and put it in your bank or your new firm. Dont leave it with the defunct firm any longer than necessary. but also be understanding of the clearing firm's problems. They;ve got a lot of liquidations and wire requests going on.

Dont get cute...go to cash...cash is king...dont get too upset and dont get overly upset about 'missed opportuntities''. The market is here 5 days a week.. you'll make it up later .

regards,
Steve@yamner.com
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