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Non-Tech : Datek Brokerage $9.95 a trade
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To: Esteban who wrote (10285)11/16/1998 1:27:00 AM
From: Gorak Shep  Read Replies (2) of 16892
 
Esteben, it is not legal to avoid the uptick rule for shorts by being both long and short the same security and just selling the long, even if they are in different accounts. Many daytrading firms supported this for quite some time by providing what they called "hedges" which required just 5% of the capital to set up the matching positions. But the regulators are cracking down on this and the firms that help their customers this way. For the uptick rule, you are required to net all the positions in related accounts to determine your true position.

Now it is of course difficult to police this but the powers have spoken on this one.
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