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Besides Tradestation, Terra Nova is also moving towards self-clearing by ditching Instinet clearing. Schonfeld Securities (a big proprietary and retail trading firm) is self clearing as well.

I see that a lot of direct access brokerage firms (both small and big) are ditching independent clearing firms and moving toward self-clearing. What are the risks of having an account with a self-clearing firm? If a firm is corrupt, are there any measures that prevent them from running off...