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

To: peter michaelson who wrote (10007)	10/24/1998 12:56:00 AM
From: peter michaelson	Respond to of 16892

I contacted via email the NASD re notification of forced buy-ins. Here is the correspondence: to: ombuds@nasd.com Dear Ombudsman: I hope you will be able to answer my question. I have been subject to buy-ins of securities I had shorted at Datek. Datek bought in the shares to cover my shorts on their own without having given me notification that covering the short was necessary. Therefore I did not get an opportunity to attempt to cover at an advantageous price. At other brokers I have been given three days notification. Is there a NASD requirement that customers be notified prior to a forced buy-in? Thank you, Peter Michaelson Peter - I'd like to refer your question to our Market Regulation Department but can only do so with your permission (some of our questions come from sources who would prefer to remain confidential/anonymous). Please give me a call at 1-888-700-0028 or email a response and we can discuss. Thank you. Mariann Miller Associate Director Mariann: Thanks very much for your quick reply. You certainly have my permission to refer my question regarding short sale buy-ins to anyone, anywhere, at any time. There is no reason I would wish anyone to remain confidential in this matter. Thank you very much. Peter Michaelson Mr. Michaelson- I am not aware of any NASD rule requiring a member firm to provide notice to a customer prior to executing a buy-in against the customer. You may wish to check your new account agreement to determine what it says regarding the firm's internal policy for notifying customers prior to buy-ins. Yvonne K. Huber Manager Market Regulation Department (301) 590-6358