Q for Matt: Will the brokerage firm / clearing hou
Post# of 16816
Posted On: 03/09/2012 3:14:45 PM
Re: sevenOdouble #836
Q for Matt: Will the brokerage firm / clearing house become a member of the SIPC?
Securities Investor Protection Corporation (SIPC)
"you plan to do business with a brokerage firm, you should find out whether the brokerage firm and its clearing firm are members"
It is a nonprofit, membership corporation, funded by its member securities broker-dealers. ($$$$$?)
15 USC § 78ccc - Securities Investor Protection Corporation
Members of SIPC
SIPC shall be a membership corporation the members of which shall be all persons registered as brokers or dealers under section 78o (b) of this title.
Disclosure
Any broker or dealer excluded from membership in SIPC under subparagraph (A)(i) shall, as required by the Commission by rule, make disclosures of its exclusion to it's customers.
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