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Article: New Rules Proposed for Day Traders
- Article from:
- The Washington Post
- Article date:
- December 11, 1999
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The nation's two biggest stock markets today proposed new rules to
govern how much day traders can borrow, in a move designed to curb
widespread practices that have given small investors access to
massive amounts of money and disproportionate power over the markets.
The rare joint proposal by the New York Stock Exchange and the
National Association of Securities Dealers, which runs the Nasdaq
Stock Market, would require day traders to keep higher balances in
their brokerage accounts--but also allow them to legitimately borrow
more during the day. Ultimately, it could scale back the astronomical
number of trades that have tossed around technology stocks and
seesawed the markets to record ...