Friday, August 31, 2012 12:24:05 PM
While we're on the topic of ICPA and Choice Trades:
Any securities in the undersigned’s margin or short account may be borrowed by you, or lent to others.
Why a broker is allowed to rent (lend) an investor's shares so that the shares are working AGAINST (shorting) the investor is beyond me. That's why investors with margin accounts should request a Loan Exempt Restriction from their brokers.
http://www.choicetrade.com/public/support/forms.php
Margin/Short Agreement
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Update on Choice Trades/Clearing:
Penson Worldwide has sold its clearing operations to PEAK6 Investments. Chicago-based PEAK6 is forming a new entity, Apex Clearing Corporation, as a result of the acquisition.
Apex Clearing Corporation today announced the completion of the previously announced acquisition of the correspondent and customer accounts and contracts of the U.S. securities division of Penson Financial Services, Inc., a subsidiary of Penson Worldwide, Inc. (PNSN). The company will begin operations on June 6.
... covers approximately 230 U.S.-based securities correspondents and one million customer accounts.
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