does anyone know if the quote speed is the same when using a Univeral acct to display both futures and equities as opposed to the other way ... for quotes futures acct up and running equity acct up and running I hope this is an easy to answer ...
Help: I've been using IB for 2 years and really don't want to change but today I was informed that unless I become a RIA, I can't trade the accounts of a select few "clients" that I've worked with for years. The SEC does not require that I become a RIA since I am only interested in trading for a handfull of people as well as for my own account but IB does. Does anybody know of a broker who would have the type of account similar to IB that does not require RIA status? Thanks.
Help: I've been using IB for 2 years and really don't want to change but today I was informed that unless I become a RIA, I can't trade the accounts of a select few "clients" that I've worked with for years. The SEC does not require that I become a RIA since I am only interested in trading for a handfull of people as well as for my own account but IB does. Does anybody know of a broker who would have the type of account similar to IB that does not require RIA status? Thanks.
Lev: Can you elaborate on why the SEC allows you to not be registered? I was under the impression (as, apparently, is IB) that if you trade for people that are "clients", you had to be registered.
Hi, there are some sentences what I didn't get. Please help me to understand. "All stocks bought or sold on margin require a minimum of $2,000 in equity. Stock bought with cash does not have a minimum equity requirement." Aren't this two sentences in opposite? what does it mean "marginable stock value" and "non-marginable stock value"? thanks for your help
Alan: According to Paul Schwartz, Licensing chief in PA, under the 1972 act, section 102 (J) there are certain exclusions to RIA. What was relayed to me is that I may not advertise, hold letterhead, define myself as an advisor...etc. And I may trade for less than 5 "clients." Now, IB does not care about this exclusion, and I suppose I can' t blame them, but it does exist. IB currently requires anybody trading for another persons' account to be a RIA. I gave up my licenses in 1997 to trade for my personal account and have no intention of getting involved with the RIA requirements. I simply have a few old clients that want my help and I'd be happy to do the work. I have a few ideas and as soon as I get a legal beagle to check them out, I'll post the findings here if thee is still an interest.
Def - I just signed up and got approval for a Universal account. I answreed all the online forms and subscribed to the proper market data. However the TWS still shows as a stock margin acct. Am I correct in assuming this conversion will take place over the weekend?