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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Richard James who wrote (3156)	6/3/1998 9:15:00 PM
From: Spots	Read Replies (1) \| Respond to of 4969

?So it's a cash account rule, not a margin account rule? That would explain some of the differences being posted. For example, all Datek accounts are margin accounts (even if you haven't 'enabled' the margin). It says so in the account agreement. Spots

To: Richard James who wrote (3156)	6/4/1998 12:20:00 AM
From: Ira Player	Read Replies (2) \| Respond to of 4969

If a client sells securities in his or her cash account prior to having paid for them, no additional purchases may be made in that account for a period of 90 days following the sale, unless full payment is received before the order is executed." I believe the key wording here is "prior to having paid for them". If, in a cash account, securities are purchased and the money is NOT THERE, i.e. the check is in the mail, and the securities are sold, the proceeds from the sale cannot be used to pay for them. *New, real customer money must be deposited to cover the original buy before the proceeds can be used.* Ira