Dear Valued Mastertrader.com Trader,
In order to maintain your account's full day trading buying power, Mastertrader.com is no longer able to offer the Money Market sweeps for marginable day trading accounts. This designation will be removed from all accounts effective tonight, September 6, 2011. All funds that are now in the Money Market funds have been requested to sweep over to your general margin account type and will be available for intraday trading tomorrow.
Background: As part of the consolidation of NASD Rule 2520 and NYSE Rule 431, FINRA has issued guidance regarding the treatment of day trading buying power with money market funds. FINRA has changed its determination regarding the treatment of money market funds in buying power computations for pattern day-trade accounts. As a result, Penson will no longer apply money market funds to day-trade buying power, effective September 2, 2011. Some of our accounts may have already received an initial day trading margin call or a lack of buying power as a result of this change. All daytrading margin calls that were issued prior to this notification will not be valid and will be fully removed without any further action required.
If you would like to maintain your funds in a Money Market on your account, please reply to this email with the last 4 digits of your account number requesting to re-instate overnight Money Market sweeps. Please be aware that some or all of the available buying power might be not be available for intraday trading if your funds start the day in a Money Market fund.
Please call or write with any questions or concerns.
Mastertrader.com
7-11 South Broadway, Suite 210A
White Plains, NY 10601
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The risk of loss in electronic trading can be substantial. Therefore,
you should carefully consider whether such trading is suitable
for you in light of your circumstances and financial resources.
System access and trade executions may be delayed or fail due
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factors. To read important disclosures, click on the following
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Trading Risk Disclosure, Margin
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