earning interests on shorts -> Don

Originally posted by Vinny1
Don,at Bright,is interest paid on long stock held overnight,without regard to how much you are holding?
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Don, it's good not having to be you.
:)
 
Originally posted by Don Bright


Things change all the time....the $100K is where traders start receiving short stock interest (has been going back to trading floor days, better than most firms...but we have nothing to do with that.....it's an SLK thing).

Don
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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.
 
Originally posted by LuvDaMkts
Any comment on the previous post?

Luv
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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.
 
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