I spoke with someone at TOS and they explained that futures and forex will be cleared through Penson and everything else will clear through TDA. I also asked whether the tax tool will consolidate both clearing firms information or if there will be separate tools. They replied that futures and forex were never on gainskeeper or the tax tools. I explained that I can look up my futures G/L and see my section 1256 contract information through the tool. At this point the person was clueless and gave me the phone number for the tax team. Hope this helps
Also wonder if (or how) the clearing change will impact positions we hold in institutional-class shares of mutual funds. Even if we can't start new positions, can we continue to add to our existing positions? I asked TOS and they have no information on this yet.
Well, I'm going to watch the short situation, and if it winds up being as bad as TD's used to be back when I was with them, I'm leaving. No way I'm putting up with that crap again.
I got my email on that today. Subject "The final step in your transition to TD Ameritrade", so I pinged the trade desk. Here's what they told me Forex accounts will stay wherever they. Futures will stay with Pension. I've a portfolio margin account (options/stocks), that one will move to TD Ameritrade. The requirements will remain the same (100k maintenance, 125k to start the account). Not sure if they will keep the PM test. Tax tools (Gainskeeper) apparently was always licensed via TD Ameritrade, so that will remain the same as well.
This raises some questions. Will the customer have to dedicate funds to Penson side (e.g. for futures trading), as opposed to having one unified account? I don't see how two clearing firms can operate independently unless the funds are segregated.
Clearing is different from custodial services... they aren't holding onto your assets, they are simply processing and clearing all transactions.