Capital base, technology, experience and longevity are what counts. The fact that White Pacific is an NSCC member is meaningless in and of iteself. The fact that they aren't even listed in Clearing Quarterly is much more telling.
White Pacific is a broker and not a clearing firm. I believe they have over 20,000 customers and great customer service and most importantly very good backoffice. www.whitepacific.com I think the move for Pointdirex is a positive move for everyone. Hans
What does one have to do to get an individual clearing deal? I assume that you have to be a broker/dealer to make a clearing arrangement. Does anyone know the details of setting up a clearing arrangement? Thanks. MACD
most clearing firms will not let you bypass the middleman (broker/dealer) since they assume that you will be constantly bothering them for 'retail'stuff. Soime will let you-SLk but you have to have a bigger wad of capital AND you might not even get the commish savings. you can apply to be a B/D requires a lot of paperwork and still might not get the comm savings you might think you could get by eliminating the middleman.
I have never been able to get this site to display. PD also gave me this link but it's never came up for me. Does it work for anybody else? One of the main things I don't appreciate about this switch is the quickness and lack of sufficient notice for customers. I received notice from PointDirex approximately _three_ business days before the proposed move that my account would be _automatically_ transferred unless I notified PD otherwise in writing. Add to the fact that I'm having difficulty finding info on the new broker/dealer and it all feels too funky for me....but that's me.
'preciate it. This one doesn't work for me either....maybe I have something set on my machine that won't display whatever is needed. It doesn't really matter though...I'm closing it. Thanks again.
Has anyone out there ever actually set-up a clearing deal, either a large private one or for a broker/dealer?
In general, it shouldn't matter if your broker fails - the clearing firm holds the money, and you can often start trading again quickly through another broker that uses that clearing firm, if for nothing else than to liquidate your positions. The SIPC and additional insurance are covering the clearing firm.
They are a brokerage firm the clears CSS..That means you have to ACAT your account. as far as Great White ( im sorry that was a rock group!) nobody knows anything about them nor why PD would leave clearing firms to join this other one...scary