Q: Is there
a start up cost for the software?
No.
Q: How
are data & exchange fees charged?
The Exchanges do not pro
rate the fees therefore a full months charge will apply even if the services
are used tor a partial month.
Q: Can I
trade outside of market hours?
The EquityStation trade
desk operates between 8:15am and 5:15pm Monday through Friday. You can contact
the trade desk for any orders you need help executing. We have experienced
customer service representatives ready to assist you.
Q: Can I
trade on margin?
Yes, we offer margin
trading with the following guidelines. The initial margin requirement
established by Reg T is 50% on all purchases made of marginable
securities. The subsequent maintenance requirement is 50%.
Q: How
will I learn to use the software?
You can use a Demo or
Simulator to get familiar with the trading environment. We assign you a
product support member from our team to answer all your questions and get you
up and running. We encourage you to take as much time as you need until you
are comfortable on your own.
Q: How
do I open an account and what is the minimum capital required?
We require a US $35,000
minimum initial equity. Please refer to 'New Accounts' and complete all of the
appropriate documents. We will be happy to assist you with any questions you
may have, as well as ordering and installing your new execution software.
Email us at support@sgmarket.com.
Q: Who
is your clearing firm?
Spear, Leeds &
Kellogg (SLK) clears all of our clients accounts.
Q: How
much insurance do you provide for each account?
Each account is protected
by SIPC up to $500,000 in securities, including $100,000 in cash. SIPC
protects your account in the event of failure by either SLK or NAIB. SLK has
purchased additional protection from Travelers Casualty and Surety Company of
America whereby each customer account is covered up to the total net equity in
the account. This insurance, as well as the SIPC protection, does not protect
each account from market loss.
Q: What
securities can I trade and when can I trade?
Our execution software
gives you access to all NYSE, AMEX and NASDAQ stocks. Our clients actually see
all the prices in the market for any given security and can trade on them. You
have access to SuperDOT for trading listed shares. For NASDAQ you can use SOES,
SelectNet and any of the ECNs we provide. With SelectNet you can preference to
a Market Maker or ECN or broadcast to the rest of the Market Makers registered
in SelectNet for that security.
Q: What
type of communication methods can I use?
We recommend you use a
reliable Internet Service Provider (ISP). When considering which communication
method is best, email us at support@sgmarket.com
and our tech
support will be happy to discuss the options with you.
Q: What
is a Day Trading Call and how do I calculate my Day Trading Buying Power ?
A Day Trading Call is
issued when you have exceeded your Day Trading Buying Power at any one given
point throughout the day. A Day Trading Call can only be issued when you have
bought and sold the same security on the same day. Day Trading Buying Power is
calculated at the beginning of every trading day based on the previous day's
closing, therefore Day Trading Buying Power can not be increased by
liquidating securities. The formula for calculating your Day Trading Buying
Power is :
(Current Equity - 25% of long positions - 30% of short positions) x 2 =
Day Trading Buying Power
This is your Day Trading Buying Power. Day Trading Calls can only be met by
depositing funds, they can not be met by liquidation. We will attempt to
notify you of any Day Trading Call that exists in your account. Due to the
complex nature of Day Trading Calls, NAIB encourages you to address any
questions you may have with a representative from our trading desk.
Q: Can
you help me get started with the software?
Yes, we can help you
either in person, on the telephone or by e-mail. We also provide a trading
demo on your PC to assist in the learning process.
Q: What
operating systems do you support?
We recommend Windows NT
Workstation 4.0 for the best performance. We will support Windows 98.
Q: Can I
use a Mac Operating System?
No.
Q: Is
there minimum order quantity?
Yes,1 share but any
quantity less than 100 shares is considered an "odd lot". Odd lots
are not represented in the REDI quote montage or the NASDAQ Level 2. REDI will
accept your odd lot but will only execute it up against another equal odd lot
on the opposite side of your order (ex. Buy or Sell). ISLD does accept and
execute odd lots against all the orders that enter the ISLD book. You can also
call our trading desk and we can execute your odd lot for you.
Q: What
are the charges for partial executions?
We charge by orders
executed. For NASDAQ orders we do not charge for multiple fills on a single
ticket, no matter how many partials are encountered, or how long it takes. As
long as the order remains live, all partial executions carry only one charge.
Note: On listed
stocks a new ticket may be generated when this order switches from
non-billable to billable. Billable defined as either price improvement from
the specialist or an excess of five minutes work from the specialist to fill
the order. Please take note that Island trades that are filled in multiple
lots at different prices are also subject to additional ticket charges.
Q: How
do you execute an order through RediPlus?
The order execution
window allows you to choose the best way to route your order whether it is an
ECN or market maker. By selecting REDI you allow the REDI Logic to route your
order for optimal execution.
Q: What
is RegT Buying Power?
RegT Buying Power
is the maximum equity position you can take on in your account without
generating a margin call, but any volatility in price of any securities you
have a position in, could change your Buying Power. In general RegT Buying
Power is calculated by adding the value of your long positions with your
short positions and dividing the total value by two (2) to figure what your
equity Requirement at full 50% margin would be. Now subtract your Requirement
from your Equity and if the number is positive multiply it by two 2
(two) and that is your Reg T Buying Power if it is negative that will
be your Margin Call.
Q: Can I
trade my IRA account?
We currently do not offer
EquityStation for IRA accounts
Q: Can I
place an order if I am away from my system?
Yes, EquityStation staff
are there for you when you need them to execute a trade.
Q: Can I
have the software on more than one computer , like my laptop when I am
traveling?
Yes, just let your
customer support representative know so we can set it up.
Q: Can I
trade Bulletin Board or Pink Sheet stocks with EquityStation?
Yes, however all orders for
the above mentioned stocks must be phoned in to our Trading desk. Under some
circumstances you will be able to receive quotes on the security through
RediPlus and other times you will have to call into the Trading desk for a
quote.
Q: When
I give you an order for a Bulletin Board stock or a Pink Sheet stock how come I
do not see my order represented?
When you place an order on a
security like a Bulletin Board or Pink Sheet stock there are certain minimum
requirements that must be met before you order has to be represented.
The qualifications are as
follows:
| If
the stock is priced between |
Minimum
Size |
| 0-.50 |
5,000
shares |
| .51-
1.00 |
2,500
shares |
| 1.01-10.0 |
500
shares |
| 10.01-100.00 |
200
shares |
| 100.01-200.0 |
100
shares |
| 200.01
+ |
50
shares |
Therefore in order for
your order on a $1.50 stock to be represented, the quantity must be for at
least 500 shares. If your order does not meet the minimum requirement it still
has the possibility of being executed just not represented.
Q. What
hours can I trade?
Trading is available from
8:00 a.m. to 9:00 p.m.
- Island: 8:00 a.m. -
8:00 p.m.c
- Redi Proactive: 9:30
a.m. - 6:30 p.m.
- Redi Passive: 7:30
a.m. - 9:00 p.m.
The EquityStation trade desk
operates between 8:15 a.m. and 5:15 p.m. Monday through Friday. You can
contact the trade desk for any orders you need help executing. We have
experienced customer service representatives ready to assist you.
Q. What
documents do I need in order to trade Options on EquityStation?
- CHARACTERISTICS AND
RISKS OF STANDARDIZED OPTIONS booklet
- OPTION Agreement
- OPTIONS PRICE
REPORTING AUTHORITY Agreement (OPRA Agreement)
- OPTIONS EXERCISING
POLICY
Q. What
equipment do I need?
High Speed Connection.
Minimum 100 kbps (ISDN, Cable, DSL, Frame Relay, T-1 or T-3)
Q. Does
EquityStation offer real time Options quotes?
Yes
Q. Is
there a charge for Real Time Quote Service?
Yes. Please see our Pricing
Chart
Q. What
are the Trading Hours?
9:30 am to 4:02 pm Eastern
Standard Time
Q. Are
there any Extended Trading Hours?
There are NO Extended
Trading Hours presently
Q. What
is the initial Margin Requirement to buy an option?
100% of the Cost
Q. What
Minimum Equity do I need to have in my Account?
- $100,000.00, if you
want to trade on line with the REDI System
- $35,000.00, if you
want to call your orders to our Options Desk
Q. What
Income do I need to trade Options?
$75,000.00 Minimum
Q. What
Liquid Net Worth do I need to trade Options?
$100,000.00 Minimum
Q. What
Total Net Worth do I need to trade Options?
$150,000.00 Minimum,
excluding primary residence
Q. What
experience do I need to trade Options?
2 years Minimum of Options
Investment
Q. What
is the procedure for Options Assignment?
Exercise assignment notices
for options contracts are allocated among customer short positions pursuant to
a manual procedure which randomly selects from among all customer short option
positions, including positions established on the day of assignment. All short
option positions are subject to assignment at any time. A more detailed
description of our random allocation procedure is available upon request.
Q. Do I
receive a notification in the event an exercise notice is assigned to my
account?
EquityStation will use all
reasonable means to notify the Customer within a reasonable time. If unable to
reach the Customer, it is authorized.
a) where a call option is
exercised, to deliver the underlying security from Customer's account to OCC,
or if Customer does not own the underlying security, to "buy in"
such security for Customer's account to satisfy the OCC assignment notice;
or
b) where a put option is
exercised, to deduct the aggregate exercise price from Customer's account
and to pay such sum to OCC.
Automatic
Exercise
Unless instructed otherwise,
EquityStation will exercise all long options which are ¼ of a point or more
in-the-money for an equity of .01 or more in-the-money for an index using the
closing price from each stock's primary exchange.
Q. What
is the procedure for a Contrary Exercise of Options?
You must contact us no later
than 4:00 pm EST.
Q. Are
there any fees associated with the Options Exercise?
You will incur regular
ticket charges, as in any regular Equity Trade.
Q. What
is the cost of Options Trading?
Please refer to our OPTIONS
FEE SCHEDULE.
Q: Do
you accept third party checks and third party wire transfers?
No . Third party checks and
third party wire transfers are not acceptable. Please click HERE
for payment instructions.
Q. What
times can I log into the u40000 demo?
The RediPlus u40000 demo is
available for testing from 7 a.m. to 10 p.m. Monday through Friday Eastern
standard time. You will be unable to log in to the system and test the demo at
times other than these specified.
|
