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To: Dominick who wrote (4984)	8/16/1998 8:47:00 PM
From: TFF	Read Replies (1) \| Respond to of 12617

Dominick: I believe that Real Tick III execution systems will not allow you to sell stock you don't own. Therefore you would be unable to sell a position greater than you hold unless you declared it as a short. Your question is confusing to say the least.

To: Dominick who wrote (4984)	8/16/1998 9:14:00 PM
From: Sword	Read Replies (3) \| Respond to of 12617

You cannot do what you are suggesting. The software won't allow it. RTII won't allow it. The SEC won't allow it. If you own a stock long and you want to go short, you need to place two separate orders, one to close the long and one to open the short. Those are the rules. The only way around this is to establish a box on the position requiring two accounts. If you are long and decide to place two sell orders routing them through soes and selectnet, then the first one will be the one that closes the long, the second one will open the short. -Sword

To: Dominick who wrote (4984)	8/16/1998 9:32:00 PM
From: Bill Green	Read Replies (1) \| Respond to of 12617

If you're with MBT or similar you are not allowed to reverse a position with one ticket. This is because a long position is a type 2 transaction and a short position is a type 3. If you were to reverse a short position, that would put you long with a type 3 transaction and vice versa, which apparently is a no no. Now don't ask me what the difference is but I'll take a wild guess and say it's something to do with the SEC and or margin requirements, but isn't everything :) Hope this helps I'd like to say thanks to irby for a great thread. Bill