Monday, October 10, 2011 5:34:01 PM
What caused my sale of low priced equities to be “Bought In” ?
The National Securities Clearing Corporation (NSCC) imposes significant deposit requirements on Penson Financial Services, Zecco Trading’s clearing firm, based on the sell volume of low priced equities (priced under $1.00 per share, commonly known as “Penny Stocks”), in order to limit settlement risk.
When a customer sells more than 25% of the average daily trading volume (ADV) of a single equity in a three-day settlement period, that security may be bought-in by Penson up to three business days later without notice. A group of unrelated customers collectively trading more than 25% of a security’s ADV across all brokerages clearing through Penson can also trigger this policy. The ADV is calculated over the last rolling 20 business days
https://www.zecco.com/help/trades-orders.aspx#nondtcfees
It took me to long to realize I was A procrastinator.
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