This is pure B.S. I know for a fact that SLK has offered others short interest rebates without this restriction. And why isn't (wasn't) this 100k minimum disclosed on Bright's rate sheet anyplace??? I talked to some Bright traders about this and they were completely unaware of this "minor stipulation." I hate to say it, but this is yet another reason why I cannot believe anything that comes out of your mouth Don.
I did get a short stock rebate at bright last month. Is the $100,000 minimum on short stock positions(in order to get the rebate) new? The web site refers to a commission rebate not a short stock rebate.
Geez, once again the jackals are out. We switched from FOC (division of SLK) in April/May. We are still sorting out the new and different system....we have found some things that need changing...this is pretty complex (not just the interest, but the whole mess with moving over 600 people). I gave a "top of my head" number...I can check more into it.... I know on my sheets that the "debit" interest is 3.00 today, and 1.25 for credit interest. This does change often. The first $100K of short stock does not qualify for receiving interest. GHJ, I'm sorry that I don't always give you the answer you would like to hear, but there is no reason for me to give erroneous information in a public forum. As stated before, everything is a part of public record. Feel free to question anything, but please don't sour the mix with snide comments.... it just isn't cool. Thanks.... Don
Badmouth me all you want Don. But I didn't hear you disputing my facts or answering my questions. Avoiding the truth "just isn't cool" man.
FOC/LIT RATE SHEET Effective Date: 08/26/02 Interest Rate Change Old New Change Broker Dealer Rate 2.4375 2.5000 0.0625 Cross-Margin Broker Dealer 2.4375 2.5000 0.0625 FOC Short Stock Rate 1.5375 1.6000 0.0625 Equity Credit Rate (325 & 690) 1.1875 1.2500 0.0625 That is from FOC today. Your spreads look kind wide.