It's best to call/email/IM them these questions, but I will do my best to answer as I do have experience with hedge funds and the brokerage industry. There are certain criteria that require a firm to register as a BD. These include soliciting US citizens, accepting money from US accounts/traders, having offices in the US, etc. Nevis does NO business in the US or with US citizens. Please google who has to register as a BD or call the SEC for further clarification. There are numerous types of firms that trade US markets that do not have to register as BDs. Offshore hedge funds, as well as domestic hedge funds do not have to. Foreign BDs without US operations do not have to register. Certain banks with trading operations do not have to. There is definitely a clearing firm that clears their trades. Whether they have an account directly with a clearing firm of through a BD (like Goldman Sachs or Merrill Lynch, or a foreign BD) I am not sure. Again, easiest thing to do is pick up the phone and call them.