Q & A

When can I begin trading stocks?

You can begin trading once your financial advisor confirms that the money is in the account.

How can I place orders?

You can place orders online or via telephone.

What are the trading hours of U.S. stocks?

The trading hours are U.S. east coast New York time (EST) 09:30-16:00. The U.S. adjusts clocks each March and November to apply daylight savings time. Please search on the web about how to convert it to your local time.

What is the settlement timeframe of stock transactions?

• Stocks and corporate bonds settle on T+2, i.e., the second business day after trade day.
• U.S. Treasuries and Options settle on T+1, i.e., the next business day after trade day.
• Money Market Funds settle on trade day.
• When it is outside of the normal settlement convention, the settlement time needed will vary depending on your account type and the investment product.

Is it required to at least buy 100 shares? Can I buy odd number of shares?

You can buy any number of shares. 100 shares is the standard unit used to quote prices. Transactions less than 100 shares are absorbed by other market participants. However, we don’t accept any fractional share transaction, i.e., your order has to be at least 1 share and in the increment of 1 share.

If I buy 100 shares GE, how do I know that I actually own these stocks? Will you send the stock certificate to me?

• Pershing LLC will send a confirmation to you the business day after trade day.
• Should you want a Stock Certificate, please send a written request to us. We can only request the certificate after you have fully paid for the stock, i.e., not owing any margin balance. There will be fees charged on this service.

What if I make a mistake placing an order?

Regretfully, you are fully responsible for the order you place. The U.S. market is highly efficient and a market order is executed almost immediately. Please carefully double check the accuracy of your order before placing it to avoid any unintended loss.

What is a Margin Account? What is the minimum balance required?

Brokerage firms allow clients to trade on credit line, or to use the stocks in the account as collateral to buy more stocks. The Federal Reserve Board stipulates that the maximum credit line allowed is ½ of the stock value, i.e., 50% margin requirement. For example, you can open an account with $2,000, which is the minimum requirement for opening a Margin Account. In this account you can buy $2,000 worth of stocks on cash basis, or $4,000 worth of stocks on margin basis. However, not all the stocks can be margined. Please consult your financial advisor for more details.

Is the margin interest rate per annum or per transaction?

The margin interest rate is an annualized rate. Please refer to our “Commissions & Fees” for more details.

How can I sell a stock with the Stock Certificate in my possession?

After opening an account with Griffinest Asia Securities, please sign the back of the Stock Certificate and deposit it into your account. It can be traded immediately after the deposit if it is not a restricted stock. Please consult your financial advisor for more details.

How are the commissions charged? Do commissions vary on different principal amounts? Are there separate charges on buying and selling the same investment vehicle?

Please refer to our “Commissions & Fees.”

What is NetXInvestor?

NetXInvestor is Pershing LLC’s proprietary online trading platform. It provides clients with fast and direct access to account information, trade status, market news, price quotes and many other contents.