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To: Tom K. who wrote (144)	6/13/2000 12:54:00 PM
From: PAL	Read Replies (1) \| Respond to of 1115

Hi Tom: Thanks for the information. TD Waterhouse is in the same boat. Therefore, we just have to take advantage of the situation: The "old" approach: based on current market value. The rule does not make sense for a short put which is significantly Out of the Money: you are penalized if the stock moves higher and higher away from the strike price. But ... this "old" approach is just beautiful for a short LEAP puts which is DITM like Jan02/200 puts which consists almost entirely of the intrinsic value. Best regards Paul