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Non-Tech : CYBERTRADER
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To: Chas who wrote (2266)4/2/1999 12:06:00 AM
From: Dan Duchardt  Read Replies (1) of 3216
 
It's been a long time since I read it, and I cannot cite the reference off hand, but the 5 minute rule DOES apply anytime SOES is used to execute a trade of the tier size (or multiple smaller trades adding up to the tier size). You cannot SOES to buy if you have bought anywhere within the last 5 minutes, and you cannot buy again if you have SOESed to buy in the last five minutes. Likewise for selling. The only exception, which was instituted by some brokers as a reinterpretation of the 5 minute rule about this time last year, is if you closed your open position in the interim. If you buy and then sell within 5 minutes, the clock is erased and you can buy again. Unless the rules have changed in the last several months, any system that is letting you do what you say can be done is letting you violate the rules.
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