Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: Sir Francis Drake who wrote (11308)	3/21/1999 1:51:00 AM
From: nick nelson	Read Replies (1) of 16892

Sir Frances, It's this kind of broker affiliated "daytrader" that is ruining the market for everyone. There are others in Texas and New York that are Nasdaq pseudo licensee. Chris Bryon on MSNBC did an opinion column a while back(can't find archive?) on 10:1 margin abuse. These Nasdaq pseudo licensed brokers put-up $25,000 and then daytrade $250,000... totally screwing up the market. The SEC and Nasdaq can't control their own markets, let alone these renegade licensed broker- dealers. The SEC just passed a blanket policy on to Nasdaq to stop all "legitimate" retail daytraders from using margin, NOT broker-dealer "daytraders". This way they can guarantee that their major broker-dealer's and their in-house daytrading desks can continue to steal from their retail clients. These renegade daytrading firms are licensed under the SEC and using 10:1 margin to manipulate the market. The SEC is penalizing most retail investing daytraders(ie -shorts) from participating in the market because the SEC can NOT control their own market makers, the major ABUSES caused by broker-dealers, and the gross price run-ups by market-making firms like NITE, MASH, and "Hienie the Winnie". IMO, nick coyote.accessnv.com

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