gültig ab 28.09. -evtl. hilft es ja...
gruss
Zick-Zock
Dear Trader:
The NASD has introduced new rules that may affect your ability to trade and
your buying power. It is extremely important that you read the following and adjust your trading appropriately.
Introduction:
The NASD has introduced new rules that will take effect on September 28th
that redefine day traders, minimum account balances and margin.
Definitions of ?round trip? and ?day trade?:
A round trip is the opening and closing of a position of the same security.
A day trade is the completion of a round trip within the same day
(irrespective of the number of shares).
In order to find out which rules apply, each account must be considered by
the nature of the trading patterns in the account.
Accounts may be defined in the following way
1. Pattern Day Trading
2. Day Trading (non pattern)
3. Trading ? these rules do not apply unless the account falls into one of the above categories and is redefined
4. Portfolio, Retail and Other Accounts these rules do not apply.
5. ?Cash? only
- these rules do not apply as day trading is not allowed in ?cash only?
accounts.
Please note that any customer may have one or more types of account.
The rules apply to the ACCOUNT and not the customer.
1. ?Pattern Day Trading? are accounts in which there are four or more day
trades (round trips during the same day) in any given period of 5 days.
2. ?Day Trading (non pattern)? are accounts that have less than 3 day trades (round trips during the same day) or less in any given period of 5 days.
3.?Trading? are accounts that do not fall into the above categories but do
trade stocks as opposed to ?investing? in them.
4.Portfolio accounts are accounts in which long term positions are held and
virtually NO day trading takes place.
6.cash only? accounts are accounts in which there is no signed margin
agreement and therefore the only buying power is the cash available.
1.Pattern Day Trading?- accounts in which there are four or more day trades (round trips during the same day) in any given period of 5 days.
Require a minimum of $25,000 on any day in which the customer day trades.
( No intra-day verification)Margin provided on a four to one basis.If a customers pattern day trading account falls below $25,000 minimum
equity, a maintenance call will be issued.The call will be due in three days. During this time, the customer will be allowed to continue to day trade using four times the day traders minimum maintenance margin excess.
If the call is not met in three days, the account will be limited to
liquidating transactions only until it reaches $25,000 minimum equity
Day Trading Buying Power (DTBP) will be four times the day traders minimum
maintenance margin excess based on the account?s positions as of the close
of business of the previous day. This buying power is for trading in the
margin account.Day Trading calls will be calculated on the largest aggregate position using time and tick. An overnight position does not increase the day trading buying power.
FOUR TO ONE MARGIN APPLIES TO INTRADAY TRADING.TO AVOID MASSIVE REG T CALLS TRADERS MUST ADHERE TO OVERNIGHT BUYING POWER (2 to 1)
2. ?Day Trading? (non pattern)
are accounts that have less than 3 day trades (round trips during the same
day) or less in any given period of 5 days.
Margin provided on a four to one basis.if the account exceeds the buying power, the account will receive a day trading call and be subject to the same penalties as a pattern day trader.
FOUR TO ONE MARGIN APPLIES TO INTRADAY TRADING.
TO AVOID MASSIVE REG T CALLS TRADERS MUST ADHERE TO
OVERNIGHT BUYING POWER (2 to 1)
3. Non Day Trading i.e. do not fall into the above categories
accounts that do not fall into the above categories but do trade stocks as
opposed to ?investing? in them.The new rules do not apply to these accounts. If a margin agreement has been signed, then the account may still receive margin at two to one.
4. Retail and Other accounts
The new rules do not apply to these accounts unless the nature of the
account changes and the account is reclassified.
5. ?Cash? only - these rules do not apply as day trading is not allowed in
?cash only? accounts.
Ramifications of Day Trading Margin Calls for Pattern Day Trading and Day
Trading Accounts (1 & 2 above).
1.NASD Rule: Customers have five (5) business days to deposit funds to meet
day trading margin calls. The day trading account is restricted to day
trading buying power of two times minimum maintenance margin excess based on the customer?s daily total trading commitment, beginning on the trading day after the day trading buying power is exceeded until the earlier of when the call is met or five business days. If the day trading margin call is not met by the fifth business day, the account is further restricted to trading on a cash-available basis for 90 days or until the call is met.
Penson Operational Changes: If at any time the customer exceeds his or her
four times buying power a day trading margin call will be issued due in five (5) business days. Buying power is reduced to two times minimum maintenance margin excess and day trading margin calls would be calculated on the Reg T requirements of every opening position. During this period PFSI will allow no day trading in the account until the call is met, unless prior arrangement has been made with management of PFSI.
If the call is not met during this five (5) day period, the customer begins
a 90-day restriction period where he or she would be allowed to trade on a
cash available basis. This means he is limited to one (1) times buying
power and would have pay the initial requirement of every opening position.
The restriction would be lifted at the end of 90 days or when the call is
met, whichever comes first. If the customer incurs another daytrading call
while on restriction the account is immediately closed and limited to
liquidating transactions only.
2. Liquidation of Overnight Positions
The sale of a security held overnight does not create a ?daytrade?.The sell (buy in) of any existing position will be treated as a liquidation and the subsequent repurchase (sell) will be treated as the establishment of a new position.These trades will not be subject to the rules affecting day trades. Any other trades in the overnight position will be considered a day
trade and subject to the day trading rules i.e. hold 100 shares of XYZ
overnight, sell 100 shares of XYZ at the open,, repurchase 100 shares of XYZ in the same day (this is NOT a day trade). However sell 100 shares of XYZ in the same day, this IS a day trade.
3. Other Penson Operational Changes:
·Funds used to meet a day trading margin call must remain in the customer?s
account for two (2) business days following the close of business on any day when the deposit is required.
Pattern day traders are not permitted to use cross guarantees to meet the
minimum equity requirements or to meet day trading margin calls. PFSI will
be removing all cross guarantees on day trading accounts. However it is
possible to meet a call by transferring cash from one account to another
i.e. a trader may transfer cash from a portfolio account to a pattern day
trading account to meet a call in the pattern day trading account. In order
to do this, the accounts must have the same name. Third party journals
require notarization.
THESE RULES TAKE EFFECT SEPTEMBER 28th.
FOUR TO ONE MARGIN APPLIES TO INTRADAY TRADING.
TO AVOID MASSIVE REG T CALLS TRADERS MUST ADHERE TO
OVERNIGHT BUYING POWER (2 to 1)
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