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I trade with datek online, excellent execution record and pretty happy with them.
They do straighten out the occasional messes.
Ketayun Rustom
Peter Namtvedt wrote:
> At 07:49 PM 3/31/98 -0500, Bob Young wrote:
> >I intend to implement a hedged portfolio strategy in common stocks. I
> will hold in
> >my account approximately equal dollar values of long and short positions,
> >making me net market neutral.
> >
> >For this I require a margin account with a stockbroker. I will be trading
> quite
> >actively, so low commissions are important, but another consideration is the
> >treatment of margin interest. Suppose I were to open an account with 100K
> in
> >cash. Then I buy a basket of stocks long, using the whole of the 100K,
> and at
> >the same time sell short a basket of stocks to the same value. I should
> have no
> >debit balance, and so pay no margin interest. However, one broker I have
> >contacted informs me that I will be charged margin interest on the entire
> short
> >portfolio, while another says I will not be charged unless I have a debit
> balance,
> >but, they charge a much higher commission. Can anyone recommend a broker
> >with both low commissions, and the correct treatment of margin interest?
> >
> >Another consideration is the interest on the cash received form the short
> sale of
> >stock. I woul hypothetically own 100K worth of stock, plus have sold short
> >another 100K, for which 100K in cash has been received. None of the
> brokers I
> >have contacted is willing to pay me interest on this cash. Does anyone
> know of
> >a broker who pays interest on cash recieved from the short sale of stock?
> >
> >Thanks for any advice
> >Bob Young
> >
>
> Bob:
>
> Available online are Fidelity Investments, E-Trade, E-Broker, and others
> whose execution record are uncertain.
>
> petena
> petena9090@xxxxxxxxxxxxxx
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