Segregation System

The Segregation System will segregate securities and optimize security usage in compliance with Rule 15C3-3, an SEC rule that regulates the manner in which broker-dealers handle customers' fully paid securities and security values in excess of margin requirements. Fully paid securities must be segregated by broker-dealers. The system margin segregation routines combines what was referred to in the industry as regular margin segregation and fluid segregation (substitution of collateral) in a dynamic routine that does both at the same time.

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