Assent Conversions?

mrmoose · Feb 13, 2004

I have heard that it is not going to happen can someone let me know what is going. Can we also refrain from gratuitous assent bashing or personal attacks on other traders??

Copernicus · Feb 13, 2004

Quote from zdreg:

nobody is doing conversions the old way. people are trying variants of bullets which are more restrictive and can pass regulatory muster

it seems like bright is still doing them the old way.
maybe i'm mistaken..?

mrmoose · Feb 13, 2004

assent was rumored to be coming out with a bullet like product that could be put on on an as needed basis as opposed to a conversion that is a long term proposition that chiefly works for traders who trade the same stocks on a daily basis. It was the bullet like product i am referring to.

zdreg · Feb 15, 2004

Quote from Copernicus:

it seems like bright is still doing them the old way.
maybe i'm mistaken..?

bullets could be done instantly and done on any borrowable stock and were good only for a day but didn't have to be only for a day.

conversions are only on optionable stocks, can take an hr. to get done ,can last uo to 3 months and must show a measurable risk . otherwise they can be deemed as a violation in order to get around uptick rule.

Copernicus · Feb 15, 2004

Quote from zdreg:

bullets could be done instantly and done on any borrowable stock and were good only for a day but didn't have to be only for a day.

conversions are only on optionable stocks, can take an hr. to get done ,can last uo to 3 months and must show a measurable risk . otherwise they can be deemed as a violation in order to get around uptick rule.

what does measurable risk mean?
when u sell a call and buy a put there is always risk involved, no?

it seems like other firms dont want to bother with it, because of messy accounting issues.

esc_trader · Feb 15, 2004

The whole system is set up for SEC to take away any "unfair manipulation" by traders.

You guys who depend on bullets/conversions/shorts, etc.. too much are fighting a losing battle.

esc_trader · Feb 15, 2004

and you guys bragging on your "60k$ months" who the F*** do you think you are.. Joe Kennedy?

Better to quit trading and run the SEC!

Mecro · Feb 15, 2004

Quote from esc_trader:

The whole system is set up for SEC to take away any "unfair manipulation" by traders.

You guys who depend on bullets/conversions/shorts, etc.. too much are fighting a losing battle.

Very true

zdreg · Feb 16, 2004

Quote from Load_the_boat:

Called Assent and they said no conversions but will have a new product out next week Weds or so. Already approved by their compliance dept. I'll post more when I know more....

1 month later do they have a new product?

noisebasement · Feb 16, 2004

It must not only be assent becuasue i read around on ET that a few other firms are offering conversions starting next month. Guess Ill just have to wait and see... By the way, any body get a rate check for these commissions from assent?