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Non-Tech : MB TRADING

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To: funk who wrote (3496)	1/22/1999 5:04:00 PM
From: Eric P	Read Replies (1) of 7382

To All: Funk's post from the #mbtrading help room brought a question to my head. "Is IMON an intraday short only?" Does MB Trading allow unrestricted short sales for daytrading purposes (i.e. close out by days end)? Obviously, this would not include recent IPO's etc. I'm simply referring to the bulk of the ordinary stocks that are not listed on a particular brokers "short list". The reason I ask is that the Short Sale section of the Nasdaq Traders Manual implies that unrestricted short sales for daytraders would be okay: "NASD Rule 11830 (formerly UPC Section 71) requires that any short sale for a customer or for a member's own account be delivered no later than the tenth business day following the settlement date. If delivery is not made, the member must close out the sale (cover the short) for cash or guaranteed delivery." This implies to me that a daytrader could short any highflying stock and close by the end of the day and not cause any problem for himself, his broker dealer or clearing firm. What is your take on this? And what is MB Tradings policy (i.e. what is "an intraday short"). I would appreciate any information anyone might have on this short sale issue. Thanks and good luck, -Eric

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