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

To: steve goldman who wrote (4325)	3/8/1999 2:34:00 PM
From: steve goldman	Respond to of 4969

Thanks!

To: steve goldman who wrote (4325)	3/8/1999 2:54:00 PM
From: Terry Maloney	Read Replies (1) \| Respond to of 4969

>probably level 1) long calls, long puts 2) covered 3) naked. Steve, are these the levels Yamner uses? How do you determine which level you grant to different clients? At level 2, do you define 'covered puts' as having sufficient margin in the account to cover against being assigned, or do you require that the full purchase amount in cash be deposited 'in escrow'? And finally, does level 3 entail as well the right to short stock, or are those two separate permissions? Thanks, Terry