Customer Account Transfers

What this video covers

• Whether authorized instructions go to the receiving member or the carrying member depending on ACATS versus non-ACATS, whole versus partial
• Why ACATS does not cover every transfer, and when authorized alternate instructions must go to the carrying member instead
• What happens upon validation: the carrying member attaches all securities positions, safekeeping positions, and money balances exactly as shown on its books
• Why a position or balance dispute never permits the carrying member to take exception to the transfer instruction
• The mandatory three-step freeze for a whole-account transfer upon validation: freeze, cancel open orders, accept no new orders
• Why the receiving member cannot cherry-pick assets after validation, and how nontransferable proprietary products must be listed and disclosed to the customer
• What residual credits are, why they can arise after completion, and the requirement to transfer ex-clearing credit balances after they accrue