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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: Sir Francis Drake who wrote (12732)	7/18/1999 5:06:00 PM
From: nick nelson	Read Replies (1) \| Respond to of 16892

Well put Morgan, The SEC seems to be able to "dictate" to the broker-dealers what Internet stocks they are allowed to offer retail clients to short - it is with ALL the market-makers that the SEC has repeated displayed an "impotency to manage" in the last 40 years. CONGRESS MUST ACT! <http://www.senate.gov/~banking/> <http://www.house.gov/banking/> State regulators, especially on the East coast, have been stepping up enforcement efforts. The SEC is obviously trying, with some of Mr. Levitt's speeches to the industry and 1/2 measured MM rule changes (like the NBBO which is IGNORED at will), to effect change but Arty Fagan is still a great big "Cream-puff!", running-at-the-mouth, as far as the NASDAQ market-makers are concerned. Regarding the "in-house" 5000 daytraders... more power to them, but they must DIVERSIFY and move into the ENTIRE market... the continued exclusive Internet trading will only result in the SEC taking away more-and-more "retail" client's trading privileges. Daytraders, working through their online Internet hook-ups, will NEVER be able to out "quick" the Bloomberg terminal guys with "direct" market links - they are ALWAYS higher up the electronic food-chain then Internet folks. If the broker-dealer traders don't get a "grip" on themselves and DIVERSIFY into the ENTIRE market, the SEC, Treasury, and Alan Greenspan will have to "kill" ALL the markets just to stop the irrational exuberance in the Internet sector - NOT GOOD! Daytraders - move into OTHER SECTORS! There are lots of smaller companies whose CEOs and employees are working hard to provide quality goods and services only to have market-makers DESTROY their investors, and the employees hope for stock appreciation, in a mad rush to catch the next Internet run-up. Another massive Internet run-up...? It is NOT going to happen! EXAMPLE:: Datek charges $50 to print your name and 5000 on a piece of paper and mail it to your house in 3-5 weeks. Meanwhile, all your "long" certs sit piled high on the desks of Datek traders, with itchy trigger-fingers, just waiting to SHORT stocks we can NOT short -even if we own the certs (boxing). This is going on in EVERY retail trading account by ALL broker-dealers just looking for an opportunity to "steal" from their customers with the exclusive "gaming" that the SEC has setup for them in the last 40 years. You are prohibited from "shorting" stocks below $5.00 while your broker-dealer just "rapes" your account in his mad rush to drive your long positions to $0.00. Also, by destroying the companies stock value, the broker-dealer forces the companies CFO to seek Wall Street's help to line-up more "sucker" money! n

To: Sir Francis Drake who wrote (12732)	7/20/1999 5:51:00 AM
From: RockyBalboa	Read Replies (1) \| Respond to of 16892

The reason why I'm sceptical on the effects of rule changes is also in the consequences of earlier rules, like AP stated: #reply-10559372 While I usually cannot agree with him fully, he appears to be right inthat the mechanics of a rule change are auctioning off itself: Hence, for quite a time is does have an impact, but then it is wore off or something is invented to conteract the effects, presently it is to hide the actual liquidity. Note that even ISLD was used to hide by the "Select" feature until the people figured out how it works.