Is this for real? Funny that they did not offer the option to take in Cert form. If I were a client of Choice Trade, I would demand conversion to Certs for the stocks they are trying to get me to dump.
No, it is n fact quite legal to do and yes when a new clearing firm takes over positions all those positions must be underwritten to the new clearing firm for legal reasons. The fact that if one holds can cost up to $700 per position and another up to $700 if they liquidate per position later is pretty stiff and anyone recommending to hold securities based on myths is steering them wrong.
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