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Strategies & Market Trends : From the Trading Desk

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To: peter michaelson who wrote (3819)	11/17/1998 11:39:00 PM
From: Joey	Read Replies (2) of 4969

Peter - CNS is not Datek's clearing house and Datek did not institute your buy-in. CNS (Continuous Net Settlement) is a system used by NSCC (National Securities Clearing Corp.) to speed and simplify the settlement of trades between clearing houses. The firm that was buying the stock that you were shorting bought in the stock, and I'm afraid that Steve is right, most firms have a clause in their margin/client/short agreement that states your short may be bought in at any time. Hope this helps. Joey

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