IB News
- Thread starter def
- Start date
. Is it still supposed to happen today? Thanks in advance.I asked IB via the online chat and they acted like it was a stupid question. They very clearly pointed out that 4 to1 is for intraday only (I did ask the same thing a couple of different ways)
Sure would like to know for sure....
Sure would like to know for sure....
def
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4:1 - I get certain information before the help desk and from time to time post it on this site. Rather than asking them about things immediately after I post here in the future, give them a day or two. I rec'd word that 4:1 after hours would go into effect yesterday but maybe I'm off by a day (time zone) or I completely misinterpretted an e-mail. Hopefully it was the former. In any event, I don't know the legal aspects but given what many of you know about the conservative nature of the firm, you can rest assured that it complies with the rules/regulations.
Universal: June 15th is the ETA depending on how the beta tests continue to go. For the most part they are fine. However, there are still items to be addressed.
Speed: committment to upgrading software and hardware. GTC's are on the globex host. Stops should be sometime in June.
Decimals: I don't know. I'll look into it. Question: when Island moves to Supermontage, will they have to revert to two decimals?
Thanks for the comments but give pradhan the benefit of the doubt as my original statement could have been clearer.
Universal: June 15th is the ETA depending on how the beta tests continue to go. For the most part they are fine. However, there are still items to be addressed.
Speed: committment to upgrading software and hardware. GTC's are on the globex host. Stops should be sometime in June.
Decimals: I don't know. I'll look into it. Question: when Island moves to Supermontage, will they have to revert to two decimals?
Thanks for the comments but give pradhan the benefit of the doubt as my original statement could have been clearer.
From the IB site under margin requirements (5/30/02):
Patterned Day Trader Margin Requirements
The NYSE and NASD have imposed rules to limit small investor Day Trading on US stocks. Customers who have made four or more US stock or option day trades (open and close a position on the same security in a single day) within five business days in their account are considered "Patterned Day Traders". "Patterned Day Traders" are required to hold a minimum of $25,000 in "Equity with Loan Value", and therefore those customers without this minimum "Equity with Loan Value" and who have completed three day trades within five business days will not be allowed to enter another trade. This restriction will remain in effect until five business days from the first day trade have elapsed. "Patterned Day Trading" margin requirements are as follows:
Initial and Maintenance
Purchase: maximum (25% * marginable stock value, $25,000) or maximum (100% * non-marginable stock value, $2,000).
Short sale: if last sale price/share >= $17 then maximum (25% * marginable stock value, $2,000), else if $17 > last sale price/share > $5 then maximum ($5 * marginable shares, $2,000), else if last sale price < = $5 then maximum (maximum (marginable market value, $2.50 * marginable shares), $2,000) or maximum (100% * non-marginable stock value, $2,000). Short sale proceeds are applied to cash and the short position is subtracted from equity.
Patterned Day Trader Margin Requirements
The NYSE and NASD have imposed rules to limit small investor Day Trading on US stocks. Customers who have made four or more US stock or option day trades (open and close a position on the same security in a single day) within five business days in their account are considered "Patterned Day Traders". "Patterned Day Traders" are required to hold a minimum of $25,000 in "Equity with Loan Value", and therefore those customers without this minimum "Equity with Loan Value" and who have completed three day trades within five business days will not be allowed to enter another trade. This restriction will remain in effect until five business days from the first day trade have elapsed. "Patterned Day Trading" margin requirements are as follows:
Initial and Maintenance
Purchase: maximum (25% * marginable stock value, $25,000) or maximum (100% * non-marginable stock value, $2,000).
Short sale: if last sale price/share >= $17 then maximum (25% * marginable stock value, $2,000), else if $17 > last sale price/share > $5 then maximum ($5 * marginable shares, $2,000), else if last sale price < = $5 then maximum (maximum (marginable market value, $2.50 * marginable shares), $2,000) or maximum (100% * non-marginable stock value, $2,000). Short sale proceeds are applied to cash and the short position is subtracted from equity.