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

To: BradC who wrote (10235)	11/11/1998 11:03:00 PM
From: Zog	Read Replies (3) \| Respond to of 16892

Even without the "silly fast" (I bet Peter regrets ever having said that) execution I sometimes get with Datek, there are essentially two reasons why I continue to stay with Datek: 1) the real-time updating of the account balance, especially the ability to sell an overnight long position, for example, and use the full margin amount to short the same stock. Believe it or not, a lot of brokers, such as MBTrading, will not free up any margin from an overnight position to take the opposite position on the same stock! And, 2) the ability to short nearly any stock (and without having to wait for someone to track down the shares or check against a do not short list). If any broker can give me these two, plus quick execution, I would switch in a second. Michael

To: BradC who wrote (10235)	11/12/1998 12:15:00 PM
From: deke leatherman	Read Replies (2) \| Respond to of 16892

Brad: The reason for practice of using the 3 day close rule is basically greed. The house has the use of the money and are able to earn interest for themselves for the three day period. We did the same thing with our 'float' in the past and made quite a sum of money until the banks began whining too much. Transfer after 12:30 and place the money transferred into a mm account from the transferee before 1:30. So, most of the brokers still think that we, the customer, still think that there is no alternative to the common practice; which the brokers refer to a a 'rule', but is only an old business practice - a process that once made sense to one that only makes (cents) now. You are right - Datek did get before the wheel on that one. I just wish that they continue with 'clear thinking' and not mar themselves and us down with 'sharp pencils'. Like you; many of us can realize or identify an old or broken process.