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Strategies & Market Trends : From the Trading Desk
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To: steve goldman who wrote (4357)3/21/1999 7:28:00 PM
From: Barronio  Read Replies (1) of 4969
 
Steve,

Here's something that happened to me, could you render an opinion whether the broker was just making something up, or whether this could be true?

I tried to short a stock, they said no borrow available. I said I was simply trying to short against the box, and I would move the shares from the cash section of my account to the margin section so I could borrow them from myself. The broker said, "No, we borrow all shares externally and don't borrow at all from our own customer's accounts".

This sounds strange to me, though I can see how it might simplify their internal record-keeping. I use Waterhouse. What do you think?
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