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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: Pdolphin who wrote (9019)	7/10/1998 10:03:00 AM
From: Larry Voyles	Respond to of 16892

There's no real distinction between "cash" and "margin" account when daytrading at Datek. If an issue is not marginable, obviously that comes out of cash. However, I believe that you're only into margin when you're over your "real" cash balance. Datek calculates your "buying power" based on what you're holding in cash and equities. Again, somebody out there will correct me if I'm wrong.

To: Pdolphin who wrote (9019)	7/10/1998 10:30:00 AM
From: RealMuLan	Read Replies (1) \| Respond to of 16892

NYSE Rule 431 (the 90-day restriction rule) A "day-trader" is any customer who purchases and sells (or sells and purchases) the same security on the same day, regardless of their opening or closing position. If a client is "day-trading" in a cash account, this falls under the "90-Day Restriction Rule". According to Rule 431, "no member organization shall permit a customer to make a practice, directly or indirectly, of effecting transactions in a cash account where the cost of securities purchased is met by the sale of the same securities". 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.