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TDAmeritrade / Penson Financial / Customer Funds
Started:February 11th, 2012 (07:43 PM) by DynoCat Views / Replies:1,220 / 2
Last Reply:February 12th, 2012 (02:15 AM) Attachments:0

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TDAmeritrade / Penson Financial / Customer Funds

Old February 11th, 2012, 07:43 PM   #1 (permalink)
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TDAmeritrade / Penson Financial / Customer Funds

Why is TDAmeritrade moving customer funds that were previously being held at Penson Financial, effective Fri 2/10/2012? link here:

Is Penson Financial safe...?

Last edited by DynoCat; February 11th, 2012 at 09:09 PM.
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Old February 11th, 2012, 07:43 PM   #2 (permalink)
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Old February 12th, 2012, 02:15 AM   #3 (permalink)
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This post has been selected as an answer to the original posters question Answer

Whether Penson is safe or not is not for me to say, but that's not why TDA is moving customer accounts.

TDA has been intending to become an active FCM for a long time now, and this part of the process is finally becoming complete. They've been registered as an FCM with the CFTC for months, but just not been active while they made all the preparations to go live with customer accounts.

I think some of Penson's financial woes last year may have contributed to TDA speeding-up the timeline - but that's pure conjecture on my part.

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