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

To: Jon Tara who wrote (6890)	2/9/2000 12:28:00 PM
From: Dan Duchardt	Respond to of 18137

Jon, Dan, here's the scenario. Let's say you have 1000 shares of XYZ, worth $10/share. That's all you have in your account, and no cash. You sell your XYZ. 3 days from now, you will have $10,000 cash in your account. You may be right, but I've read Reg T many times and I find nothing in it that says the broker cannot credit your account with the $10,000 on the day you sell the stock he is holding for you. It would be different if he sold stock you had in your possession. Then you would have 3 days to deliver it to him. I will concede there is a lot I don't know about what goes on behind the scenes with the shuffling of ownership of securities. If you can tell me where to find the rule that says you cannot have/use you money for three days, when the stock you are selling is already in your brokers possession, I'd like to see it. Dan

To: Jon Tara who wrote (6890)	2/9/2000 12:35:00 PM
From: LPS5	Read Replies (2) \| Respond to of 18137

Daytrading thread folks, Does anyone agree that a great way for the primary daytrading SRO, the NASD, to fully explain the margin and trading implications of the "pattern daytrading" proposal to many of the daytraders that will be affected... AND, because so many broker-dealers, clearing firms, software vendors, and accounting entities will be there, to ensure accurate transmission of the information - and therefore, the likelihood of regulatory compliance with the initiatives... would be to set up a session, perhaps an hour, in front of the combined audience of next weeks' Online Trading Expo in Mannyhatty? Seems to me like a great and rare opportunity to have most of the powers affecting daytrading - individuals and firms - in one place for dissemination...not to mention the timing. There's a lot of confusion out there right now, and the NASD has held similar open discussions (including Q&A portions) on other pending initiatives in the past. LPS5