Trading options in Portfolio Margin account

[FSU]

Quote from rmorse:

Victor Securities is an Introducing Brokers to Merrill Lynch Professional and Penson Financial and we provide a variety of solutions for Hedge Funds, Trading Groups and Active Traders. If you're not familiar with the IB relationship, we are the brokers for our clients. We are the single point of contact to the Prime Broker and provide execution platforms, clearance through the Prime Broker, and any other services our clients require to help them run and expand their business, including cap-intro when possible.

Bob

Would think or swim be considered an IB for Penson?

 

[rmorse]

Quote from FSU:

Would think or swim be considered an IB for Penson?

TOS is a platform owned by TD Ameritrade. So no, TOS is not a Introducing Broker to Penson. If you open an account with TOS, your opening an account at TD which is self clearing.

 

[FSU]

Quote from rmorse:

TOS is a platform owned by TD Ameritrade. So no, TOS is not a Introducing Broker to Penson. If you open an account with TOS, your opening an account at TD which is self clearing.

Very recently opened an account at TOS and all the sheets I get are from Penson. Check to open account was made out to Penson, so I dont think they are self clearing.

 

[fk1028]

Bob,

if a trading company uses Penson to clear, they do not have their own software/system to clear internally like OX. Correct?

So, you cannot have a real time margin calculator.

Frank

 

[rmorse]

Quote from FSU:

Very recently opened an account at TOS and all the sheets I get are from Penson. Check to open account was made out to Penson, so I dont think they are self clearing.

The best thing to do is call and ask. Before the take over, they cleared through Penson. They might not have moved everyone over yet. Or, it has to do with the way you opened your account. I did a broker check of the name THINKORSWIM, and they are not currently a FINRA broker dealer, but TD is.

 

[rmorse]

Quote from fk1028:

Bob,

if a trading company uses Penson to clear, they do not have their own software/system to clear internally like OX. Correct?

So, you cannot have a real time margin calculator.

Frank

Penson does not have their own Real Time Margin calculator for external use, or their own platform. They allow for third party platforms. As the Introducing Broker, if your account has under $5mm, it is our responsibility to monitor margin, and the account holders responsibility to not use more than allowed.

 

[uptickk]

Quote from FSU:

Very recently opened an account at TOS and all the sheets I get are from Penson. Check to open account was made out to Penson, so I dont think they are self clearing.

Depends on what you are trading. I have had an account with TOS for a while and I am still cleared through Penson. They are in the process of moving all non futures and FX products to clear through TD. Not sure of the conversion date though.