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

To: peter michaelson who wrote (3840)	11/19/1998 1:52:00 PM
From: Eric P	Read Replies (1) \| Respond to of 4969

Peter: Doesn't settlement time come into play here - T+3. The lender of my shares (so to speak) sold them (we assume here) and had to deliver the shares in three days. So why could I not get three days lead time to return them to the lender, so that lender could then deliver them to CNS? Don't forget that if you covered your shorts today, you wouldn't have the borrowed shares returned to you until settlement (three days). In other words, you would not have three days of lead time in order to close your trade. ==> Your three days matches up concurrently with the three days CNS has in order to return the shorts, therefore, they needed to call in your shorts today. -Eric