Is the SEC trying to eliminate day trading

I don't see any mention of anything on the SEC website - even under pending proposals? Let's hope that this is incorrect...

-Guru

 

Are you sure you're not reiterating the old T+3 rule for non-margin accounts?

 

i would love for all daytrading to stop for a week. every firm just say fuck y.. sec, nyse. then i would love to see the faces when they see the volume declines. i guess when sec would realize how much fees they take out of daytraders and the specialists how much they can steal, the attitudes would change.

 

try trading condos in florida.
u get much bette returns.

 

I asked a reporter who covers the SEC. That person says there have been no meetings of anykind, and no one is aware of such a thing. They will continue to dig, and I'll let you know.

Do you really think a regulatory body would hurt the firms? Come on. There is always another sucker.

 

Hey Guys... calm down.

This is just a new BrownCo regulation on cash accounts. It does not apply to margin accounts. It has nothing to do with the SEC. BrownCo lied, blaming the SEC for their own internal policy decision. When pressed they will own up to their "mistake."

http://boards.fool.com/Message.asp?mid=22445413

Martin

 

Thank you guys,
will analyze what it can be.

 

Not just browco, got same msg from MB Trading. But in general it means cash accounts and this rule was always there. Perhaps most brokers were letting this slide, I know Ameritrade used to when I was with that pos broker. Let me know if I am wrong.

 

That's right, I knew I had seen something similar recently:


From: MB Trading Email
Sent: Friday, May 20, 2005 6:26 PM
Subject: MB Trading - Cash Settlement

To comply with federal securities laws and NASD rules, including Regulation T, Penson Financial Services has changed their policy on the settlement of trades placed in all cash accounts, including IRAs.

Regulation T requires full cash payment for the purchase of any security in a cash account without relying upon the anticipated proceeds of any unsettled trade in the account.

Effective immediately, cash transactions have a settlement period of three business days. For example, if you buy a position on Monday and sell it later that day the proceeds from the transaction will be available on Thursday. In other words settlement for cash transactions is the trade date plus three business days.

 

We have no such restrictions in Forex. We can even short a fast-falling price.

Trade money.

theskalper