Does anyone know if IB or Datek or Ameritrade or ETrade or any of the other retail firms are pushing for a repeal of the PDT rules? Is there any sort of special interest group who is lobbying for an end to these ridiculous rules?
comment letters against the proposal were submitted by IB before the rules were enacted. the letters didn't make a difference. Ameritrade seems to be taking a stand, if they lose and get fined by NASD, what else do you expect them to do?
I know the retail firms were against the PDT rules, but what have they done to fight them since Sept 2001? Ameritrade was allowing it's customers to trade from cash accounts, but that doesn't necessarily mean they were 'taking a stand' as much as it means they were trying to make money. What I don't understand is why the retail firms aren't continually pounding the table for a repeal of these rules. They lose money everyday because of the SEC's PDT rules... I wonder what it would take to get the rules reversed.........
at least a more reasonable 10K or whatever would be a huge improvement over the current prohibitive 25K, agree... the rule was supposed to "protect" brokers, instead it just put many out of business as commish revenue went down the tubes.. it would be nice to understand more about it and who the current flag-bearer is for why it should still be there...and what needs to happen for it's repeal, responsibly... also they were talking some @#$ about limiting the ability to short, or some such nonsense, anyone have updates on that? ken
It is them (the brokers) that asked for the PDT rules hee hee : this is no secret it is indicated in the official introduction of pdt rules It is to protect the client hahahaha !
wrong harry, it was not all brokers. perhaps some of powerful ones with poor systems but certainly not a majority of brokers.
I didn't mean all brokers by saying the brokers of course - or you take everything in its litteral sense - and I mentioned the OFFICIAL reason that it was asked by the brokers. At least It cannot come from the clients themselves. Brokers that are honest and live only from commissions don't have to ask for PDT rules. So it musn't come only from the big crook brokers.
I'll re-phrase as my point wasn't clear. There are a few powerful brokers and market participants who were able to persuade the powers that be to implement these rules. In reality the majority of brokers may be non-electronic, don't cater towards active or low capitalized traders and probably have no preference either way for these rules.
Email your congressman. Make a political issue out of it. Feedom and democracy has been trodden on. The little guy has been screwed and he dont even know why. Find out which congress subcommittee oversees the SEC, Nasdaq & NYSE, and post their email address on ET. Then all ET members send email calling for a new look at PDT and for a repeal or change to PDT. Get their email address up on the site.