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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: BenThair who wrote (4099)	9/16/1999 7:19:00 PM
From: Eric P	Respond to of 18137

You are correct in that many people have not used a good system. However, I do have a question. In looking for a direct access broker, I am being told that as of August, you must have a Series 7 licenses to use a direct access system. Is this true? No, this is not true. Perhaps you are thinking about a rule that allows 10:1 margin (versus the typical 2:1) only for 'professionals' that are registered? However, regarding direct access systems, there is no registration requirement. -Eric

To: BenThair who wrote (4099)	9/16/1999 9:10:00 PM
From: Matthew L. Jones	Read Replies (1) \| Respond to of 18137

I've never heard such a thing, but if it's true, I would get signed up prior to then to keep my options open. I doubt that they are going to grandfather the reg in if it is true. I can't imagine it being true. There are many private money managers who cannot get a series 7 due to their inability to charge a performance based fee with a series 7 license (like me). If I wish to charge a performance based fee, I cannot be a "registered investment advisor", or a "series 7" licensed broker. Either would disqualify me from being able to charge a performance based fee (e.g., 25% of capital gains). I think that is a rumor folks like E*whatever or Ameri-somebody might be inclined to circulate to prevent customers from jumping ship. Just a guess. Matt