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To: YxY who wrote (9918)4/10/2002 3:54:56 PM
From: nmsaggie  Read Replies (2) | Respond to of 12617
 
my understanding is that it is insured by SIPC as well as the clearing firm holds the money so you should not have to worry to much about the brokerage. I checked on this before i opened my accounts.



To: YxY who wrote (9918)4/10/2002 4:48:23 PM
From: OX  Read Replies (2) | Respond to of 12617
 
that's a complicated question, and depends on if ur broker is self-clearing, how your cash is held (mmkt sweep vs actual cash). SIPC insurance is better than nothing, but it doesn't guarantee that you'll see 1:1 return on cash. securities is another matter that is more easily discernable.... of course, it depends on why the broker went under and if there's any fraud involved.
i'm no expert tho.


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