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How large do you have to be for Fidelity to pay interest on short positions?
I have a different experience with Fidelity. I have found that in addition to
not paying interest on short positions, they actually charge you margin on
such. This is true even if your position is short vs the box, i.e. no delta
risk. In that case the result is you're charged the full margin twice. You
then have a zero delta position that costs you twice the margin of owning the
stock outright.
My account is a "gold circle" account, if this matters.
Definately second the performance on Fidelity. I use Fox Plus rather than the
browser and it's as fast as I've ever seen. Many orders fill in about 10
seconds from entry to confirmation. Fill quality is generally excellent. The
people on the phone are much better than their competition. Have used them
for 5 years without any problems.
If you trade frequently their commissions can end up better than the
competition. I'm getting $14.95 for any number of trades up to 1000 shares on
a side. So if I make two 500 share buys in the same day that's only $14.95
for both together. Same for the sell side. It's 2 cents a share above that.
> At 4:33 PM -0400 4/29/99, Sidney V. Gold wrote:
>
> >Fidelity does options on the QQQ`and if you have a large account they will
> >pay interest on short positions in stocks.
> >
> >Interest on short positions is very rare in the market for individuals.
> >they also have Salomon IPO's if you are picky it can be VERY good their
> >commissions are not the lowest but the phone help is excellent. and they
> >are very secure.
>
> Second the motion on Fidelity.
>
> > Executions on the Internet are very fast on both stocks and options.
> (Their new web site is much faster than the old one was.)
>
> > Commissions are very reasonable for frequent traders.
>
> > On a market order, you get what your real-time data feed says, no
> hidden spreads.
>
> > Pager notification and trading.
>
> > And when needed, a real person will answer the phone within a few
> seconds (Toll free).
>
> I had accounts with both E-Trade and with Datek and have waited over an
> hour on the phone with each to talk to someone. And the really cheap
> brokers add to the spread so you pay a lot more.
>
> Bob Fulks
>
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