lol, I just talked to another trader at zecco, and she said that the sale of BONPD would ALSO incur a ADDITIONAL $250 fee for the following new policy:
Potential Buy-In Following Sales Triggering the NSCC Illiquid Requirement
The National Securities Clearing Corporation (NSCC) is a subsidiary of DTC which provides clearing,
settlement, risk management, central counterparty services and a guarantee of completion for certain
transactions for virtually all broker-to-broker trades involving equities, corporate and municipal debt,
exchange-traded funds, and other securities. The NSCC Illiquid Requirement is applied to Apex when one
customer (or more than one customer in the aggregate, across the totality of customers of Apex’s
correspondents) whose account is carried by Apex sell a variable range starting at more than 10 %,
sometimes triggering at more than 25%, of the average daily trading volume of a security over the last
rolling 20 business days. The amount of this requirement depends on the percentage of the ADV
(Average Daily Value) represented by the open sales. The requirement has very little relation to the
value of the trade, and is generally at least ten times the trade value and may be as high as one hundred
times the trade value, or even more. This requirement is incurred even if the customer owns the shares
and even when Apex has these shares long in its DTC account.
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