I am unable to call the states from where I am, so emailed Scottrade this AM (y'alls time). Below is the BS response I received, a prompt 12 hours later. I have already opened a ETrade account. And I replied with a fairly scathing reply ( that I did not post only because it disappeared) Hope this clears up some confusion, Maybe?
Dear Christopher:
Unfortunately, Scottrade is not accepting any buy orders for shares of MYEC at this time. We will only accept sell orders to liquidate existing positions.
As a matter of policy, Scottrade reviews stocks periodically and can add or delete stocks from our platform for a variety of reasons. These reasons can include, but are not limited to, risk or volatility, clearance, settlement, technical and other operational issues and the lack of a ready market.
The reason for this trading restriction is that the security is an illiquid stock that incurs additional NSCC (National Securities Clearing Corp) clearing requirements for our company's FOCUS (15c-3-3) report. The NSCC requires participants to put up capital for security positions based upon the price of those securities.
As an example, Scottrade holds a position of 38,000,000 shares of a particular stock that trades at $0.002 per share. We are required to put up over $1,000,000 even though the market value of that position is only $76,000. As you can see, this negatively affects the firm's capital.
Thank you for choosing Scottrade. Please let us know if we may be of further assistance.
Sincerely,
Kevin K.
Financial Services Representative II
National Service Center | Scottrade, Inc.
Phone: 1.800.619.SAVE (7283)
www.scottrade.com
