Magna
Administrator
Fohat,
I'm not going to get into a this 'n that with you, as you seem to be firmly planted in the shoulda coulda woulda approach, and while I admire your tenacity I don't agree with you.
The thing that can change at any time (i.e. brokerage policies) doesn't really matter. What matters is the governing law
No, what matters NOW is how the brokerages interpret the law. Maybe they will change their policies to accomodate your interpretation of the law, maybe they won't. When and if they do, then that will be what matters then. Again, not your interpretation but their policies.
Almost all law and regulations are subject to extensive interpretation, that's what the various levels of courts and governing bodies do -- continually render judgments as to their interpretation at that particular time. And even those interpretations are often open to later and further interpretation. I wish it were all so simple, so carved in stone as you suggest, but it's not that way in the real world.
You can argue until you're blue in the face that daytrading in a cash account is perfectly legal under all current regulations, but if IB (for instance) doesn't allow it then that's the way it is now. And if IB later changes their policy, either because of re-interpretation or because of customer migration, etc. then that's the way it will be then.
In the meantime, I previously posted what Cyber's interpretation of trading in cash accounts currently is for those dealing with them or considering an account. Quite simply, as with IB's interpretation of no daytrading in cash accounts, if you don't like Cyber's interpretation of daytrading in cash accounts then take your account elsewhere assuming you can find someone who accomodates your needs and desires. Or keep tilting at windmills.
I'm not going to get into a this 'n that with you, as you seem to be firmly planted in the shoulda coulda woulda approach, and while I admire your tenacity I don't agree with you.
The thing that can change at any time (i.e. brokerage policies) doesn't really matter. What matters is the governing law
No, what matters NOW is how the brokerages interpret the law. Maybe they will change their policies to accomodate your interpretation of the law, maybe they won't. When and if they do, then that will be what matters then. Again, not your interpretation but their policies.
Almost all law and regulations are subject to extensive interpretation, that's what the various levels of courts and governing bodies do -- continually render judgments as to their interpretation at that particular time. And even those interpretations are often open to later and further interpretation. I wish it were all so simple, so carved in stone as you suggest, but it's not that way in the real world.
You can argue until you're blue in the face that daytrading in a cash account is perfectly legal under all current regulations, but if IB (for instance) doesn't allow it then that's the way it is now. And if IB later changes their policy, either because of re-interpretation or because of customer migration, etc. then that's the way it will be then.
In the meantime, I previously posted what Cyber's interpretation of trading in cash accounts currently is for those dealing with them or considering an account. Quite simply, as with IB's interpretation of no daytrading in cash accounts, if you don't like Cyber's interpretation of daytrading in cash accounts then take your account elsewhere assuming you can find someone who accomodates your needs and desires. Or keep tilting at windmills.