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Fund Transfers

Position Transfers

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Positions Transfers

Internal Position Transfers

 

 

 

Position Transfers

To request an inbound or outbound transfer of positions, use the Position Transfers page in Account Management. Position transfers allow us to efficiently identify your incoming funds for proper credit to your account. Inbound Transfer Requests are instructions you provide to us to contact your bank or broker to move funds or assets. You do not need any further follow-up with your bank or broker to initiate the transfer unless special circumstances arise.

 

Types of Position Transfers:

 

 

Automated Customer Account

Transfer Service (ACATS)

 

Account Transfer on Notification

(ATON)

Deposit Funds Asian Position Transfers

 

Free of Payment

(FOP)

 

Direct Registration System

(DRS)

Deposit/Withdrawal at Custodian

(DWAC)

European Position Transfers

 

 

Automated Customer Account Transfer Service (ACATS)

 

     
 

Description

US Broker to Broker position transfer system. Requests to have your cash and positions automatically moved from a third-party US broker to PT are initiated from the Position Transfers page in Account Management. View details about ACATs via this link.

When you request an ACATS transaction, you have the option of creating a new Position Transfer Instruction or using an existing Position Transfer Instruction.

 

Time to Arrive

From four to eight business days depending on your third-party broker.

 

Limitations

You may not withdraw your transfer for ten business days after receipt.

No options transfers during expiration week.

Long and Short (Short Against the Box) of same position will be netted upon receipt through an ACAT.

 

Please Note:

  • PT does not accept physical stock certificates.
  • Large block position transfers involving small cap securities may be subject to a temporary sale restriction in order to conduct any due diligence necessary to ensure that the shares are registered and not subject to any regulatory restrictions with respect to sales. Inquiries regarding restrictions may be directed to service @ placetrade . com.
 
     


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Free of Payment (FOP)

 

     
 

Description

Delivery of long US stock positions, US Warrant positions, and Corporate and Municipal Bond positions from another US bank or broker that is a member of the Depository Trust Company (DTC). Requests for FOPs are made to the third-party broker. However, you must notify PT of a third-party FOP on the Position Transfers page in Account Management so that your transfer may be properly placed in your account.

An FOP deposit is only a notification of incoming securities while an FOP withdrawal actually transfers securities out.

When you request an FOP transaction, you have the option of creating a new Position Transfer Instruction or using an existing Position Transfer Instruction.

Please note FOP is not available for IRA accounts.

Time to Arrive

Transfers are generally completed during the same business day as initiated, but this depends on your third-party broker. FOP notices are valid for five business days before expiring. Once the notice has expired PT will not accept the shares.

Limitations

Only available for long US Stock positions, US Warrant positions, and Corporate Municipal Bond positions.

 
     

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Account Transfer on Notification (ATON)

 

     
 

Description

ATON is the Canadian broker equivalent of ACATS. Please use the Position Transfers page in Account Management, to have your cash and positions moved from a third-party broker to PT. Only Canadian and US stocks and options may be transferred between Canadian Brokers.

When you request an ATON transaction, you have the option of creating a new Position Transfer Instruction or using an existing Position Transfer Instruction.

 

Time to Arrive

From four to eight business days depending on your third-party broker.

Limitations

Only available for Canadian and US stock, options and cash.

You may not withdraw your transfer for ten days after receipt.

No options transfers during expiration week.

 
     

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Asian Position Transfers

     
 

Description

Asian stocks, warrants and ETFs may be transferred to PT on a manual basis for Hong Kong, Australia or Japan. These requests are initiated via PT Message Center ticket requests.

To initiate a request, login into Account Management, then access the Customer Service Message Center and create a new inquiry ticket. Enter "Asian Asset Transfer Request" in the Summary field and indicate the country of origin/exchange in the Description field. You will receive a reply that indicates the specific details required from the counter-party to execute the transfer. Further actions (if necessary) will be posted on the same ticket.

Time to Arrive

From two to five business days.

 

Limitations

PT keeps all positions in the firm name ("street name"). We do not currently provide individual registration of holdings, for example Registered or Namenaktion shares. Inbound transfers of registered positions will be converted to 'street name'.

 
     

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European Position Transfers

 

     
 

Description

European stock warrants, options, and futures may be transferred to PT on a manual basis for Belgium, France, Germany, Italy, the Netherlands, Spain, Switzerland, and the UK. For details and instructions on European transfers click here to learn more about European Position Transfers. (Please call us for a copy of the Transfer of Assets Form for account transfers from non-US brokers and banks.)

Time to Arrive

From four to eight business days.

Limitations

PT will not provide individual registration of holdings. PT keeps all positions in the firm name ("street name").

 
     

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Deposit/Withdraw at Custodian (DWAC)

     
 

Description

An electronic method of transferring shares registered in the client's name on the books of the transfer agent between participating broker/dealers with the transfer agent serving as a custodian. DWAC usually refers to new or certified paper shares to be electronically transferred.

Note that a processing fee may apply. For more details, please see our Other Potential Fees page.

Time to Arrive

DWAC requests settle or are rejected on the same day that the request is made. Transfer agents must approve all requests transmitted to them by the participating broker. Requests that are not approved by the end of the day are rejected. Once a DWAC request is rejected, a new client-initiated request must be submitted by the stock holder in order to process the transfer.

Limitations

Since transfer agents must actively approve DWACs , these kinds of requests require prior coordination between the client and the transfer agent. Any requests not previously communicated will be rejected by the transfer agent.

 
     
 
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Direct Registration System (DRS)

 

     
 


Description

An electronic system for registering stock with an issuer/company's transfer agent. These shares are in electronic book-entry format and can be transferred to and from a brokerage account. DRS shares are already issued and held electronically in book-entry format at the transfer agent.

Note that a processing fee may apply. For details, see the Other Potential Fees page.

Time to Arrive

Once a client request is submitted via Account Management, the PT system creates a notification. Upon receipt or delivery of shares from or to the transfer agent, the PT system will generate a transaction that will cause the shares to settle into or out of the client's account.

Limitations

DRS requests can pend up to 30 days, although agents typically respond to a request within two to five days. 

 
     

 

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ACATS - US

     
 

Clients can transfer US stocks, options and cash held at another brokerage firm to PT through the National Securities Clearing Corporation's (NSCC) Automated Customer Account Transfer Service (ACATS). Requests for ACATs are made through Account Management.

PT accepts full and partial transfers of assets. Please note that PT only accepts products that are available for trading. Certain products such as Limited Partnership units cannot be held in your Place Trade account. For initial account funding, your transfer must meet our Minimum Initial Deposit requirements or the transfer will be rejected. Under normal circumstances, the transfer will take between four and eight business days. Please note that you will not be able to withdraw any funds or transfer any assets to another broker for ten business days after an account transfer is received. To transfer assets, go to Account Management and select Deposits and Transfers.

If you would like to transfer cash only, we encourage you to electronically transfer funds from your current broker in order to expedite transfer.

Please note that according to ACATS protocol, standard transfers are always initiated on the receiving end, and therefore we do not initiate transfers out from PT to another broker. View FAQs on ACATS.

As is industry practice, we will not transfer options during their week of expiration.

 
     

For more information on funding your account, please click here

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