IB cash accounts...

def,

This is not only my opinion, but also FEDERAL RESERVEs', http://www.federalreserve.gov/boarddocs/legalint/MarginRequirements/1999/19990218 , Schwabs' and a mathematical proof from regulation T.

I have to stick with the Federal Reserve interpretation and the mathematical proof.

Which broker will dare ignore the Federal reserve opinion, Schwabs' implementation and a mathematical proof ?!!! Moreover such ignorance will cost the broker hundreds of lost cash account customers and is against its own interest!

The federal reserve interpretation and my "daytrading" in a cash account solution do not violate any rules and completely agree with the IB legal advisor comments which you reposted from the IB web site .

Fohat
 
fohat,
The NYSE interpretation is what counts since IB must follow their rules and procedures. In any event, I will pass that letter to our legal counsel and ask for an opinion. Perhaps this will make a difference.
 
Fohat and def,

I try to read everything you two say about the new trading rules. I realize that both of you have put in a lot of time and effort to answer questions and post info here. THANK YOU.

brokershopping,
Your most recent comment also helped me understand a facet of all this.

Fohat,

After reading Scott Holz's opinion expressed in his letter of February 18, 1999, I wondered if it still stands as the most recent opinion/interpretation by FRB staff or board. To do a quick check, I clicked on Legal Intrepretations and Margin Requirements (links at the bottom of Holz's letter). It appears that it is the most recent opinion letter on this topic.

But now I am wondering if the board may have published a more recent opinion/interpretation in meeting minutes or some other media. Do you (or anyone else reading this) have any info on this?
 
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