EMail sent to KeyTrade:
Dear Sirs:
All brokerages in the usa have implemented restrictions on trading 'Stop'/'No Info' tier level stocks.
This has NOTHING to do with upcoming SEC actions on Sept 23. They have taken it upon themselves to restrict these stocks....many of which WILL become compliant and not get shipped off to the Grey market.
There are EXISTING rules in place to handle any stocks that the SEC suspends.....they go Grey.....they get no quotes....and it's hard to trade them.
However brokerages are doing a Blanket restriction on stocks that the SEC HAS NOT suspended.
Consequently, only off-shore accounts and market makers I suppose are able to trade these Stop/No Info stocks .....which is perfectly acceptable according to current SEC rules. And will continue to be acceptable after Sept 23........only stocks that the SEC suspends will be affected, by again, Existing rules in place. These rules will not change after Sept 23.
Anyway, Bottom Line is I don't need a Mommy to oversee my trading activities, and would like to open account with your firm.
I am located in california, usa.....
Pls Advise
Best Regards,
Hans
z