I am not sure what magic the other poster worked with Scottrade, but I don't believe he was telling the truth. Here's the email chain with ST letting me know I couldn't transfer SFIO shares:
--- Support Message ---
Reply Date: 7/15/2011 11:18:41 AM
Subject: RE: Other <<#624210-------#>>
Dear xxxxx:
I am writing in response to your recent message concerning the SFIO position in your Scottrade account.
Please note that Scottrade is not accepting any orders (buy or sell) for SFIO and positions are not eligible for transfer at this time.
The trading restriction is a Scottrade corporate decision and is due to the "global lock" that has been placed on the security by the Depository Trust & Clearing Corporation (DTCC). DTCC is one of the largest clearing and settlement firms that offers trade settlement services for brokerage firms.
The global lock simply means that DTCC has suspended their settlement services for the particular security. As Scottrade utilizes DTCC for all of our trade clearing and settlement services, we will not accept orders for SFIO until the DTCC global lock has been lifted. We have no way of estimating when that might occur.
The global lock also means that DTCC will not process transfers of the security.
You may see trading in the security in the open markets as other brokerage firms may be self-clearing or use different clearing and settlement companies.
As we have modified the symbol on our system with the addition of parenthesis to prevent orders from being submitted, price changes will not be reflected as the modified symbol is not recognized by our quote data system.
Thank you for contacting Scottrade. Please let us know if you have any additional questions.
Sincerely,
Kevin K.
National Service Center | Scottrade, Inc.
Phone: 1.800.619.SAVE (7283)
www.scottrade.com
--- Original Message ---
From: ---------------
Received: 7/15/11 11:20:09 AM CDT
To: Scottrade Customer Support <support@scottrade.com>
Subject: Other
Dear Sir/Madam,
Can you email instructions on how I would transfer all of my SFIO shares to Fidelity?
What would be the cost of performing this action?
Thank you,
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