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To: Uncle Frank who wrote (60926)	1/8/2000 4:09:00 PM
From: Kayaker	Read Replies (1) \| Respond to of 152472

I might get penalized for piling on, but I've been trading options in my Fidelity Traditional IRA for years. The only options plays not allowed are writing naked calls or writing puts. Well, what goes around comes around..... <ggg> This is post #53367. ------------------------------------- See point #3........... From: Bridge Player Sunday, October 31, 1999 10:19 PM ET << The only options play that is not allowed is writing puts, since that is a marginable action. Margin cannot be employed in an IRA. >> Frank, judging from many posts here in last day or so, there is an incredible amount of misinformation afoot re: options in retirement accounts. 1. The extent to which use of options is allowed in retirement accounts, in particular IRA accounts, is a function of the policy of the individual brokerage firm. This is further complicated by the fact that many representatives of these firms do not know what their firms policies actually are. They may therefore give an incorrect answer to questions asked of them as to what is allowed or not allowed. 2. Thus, for example, Charles Schwab allows only the use of covered calls in IRA accounts. They will not allow the pure purchase of puts, calls, or leaps. This policy is not the same with all firms. As you indicate, apparently Fidelity will allow the purchase of long options in IRAs, a policy with which you indicated you have personal experience. 3. According to their frequent ads in IBD (e.g. 11/1/99 page B25), the Benjamin & Jerold Discount Brokerage (1-800-446-5112) not only allows the purchase of long puts and calls, and option spreads, but also allows the sale of 100% cash covered short equity puts. As long as cash remains in the account, of course, this procedure would not entail the use of margin should the put be excercised. I emphasize that I have no personal experience with this firm and am only quoting from their ad. The ad states that $15,000 minimum equity is required. BP beta.siliconinvestor.com

To: Uncle Frank who wrote (60926)	1/8/2000 4:15:00 PM
From: jmac	Respond to of 152472

I'll confirm it for you. I've been trading long options in my retirement accounts since the early 80s.