This is from my penson acct. Customer accounts carried by Penson Financial Services are protected by the Securities Investor Protection Corporation (SIPC) up to $500,000 (including $100,000 for claims for cash). An explanatory brochure is available upon request or at www.sipc.org. In addition PFSI has purchased supplemented coverage through Lloydsâ of London which provides additional coverage not to exceed $35 million per account including a cash sub limit of $900,000. This coverage does not protect against changes in the market value of securities (whether as a result of market movement, issuer bankruptcy or otherwise). SIPC and the supplemental changes in policy do not cover commodity contracts and options on futures.
Send me a PM with names etc., I can probably shed light on what you're trying to do. GSEC (Goldman Sachs Exectution and Clearing) does not actually execute the trades per se' for us. We, as a broker dealer, execute the trades and use GS as the "give up" for clearing. Just FYI. Some clearing firms do allow retail traders under certain conditions. Anyway, PM me and I'll try to offer some help. Don