eToro and Alpaca Get SEC Staff Relief for Brokerage Accounts That Hold No Cash
eToro USA Securities and Alpaca Securities won no-action relief from US Securities and Exchange Commission (SEC) staff this week for accounts that hold no customer cash. The money sits at a bank or a money transmitter instead. The two letters set how much capital each firm needs and how customer money may move. eToro's US broker-dealer, which introduces accounts to a clearing firm, may run the mod
eToro USA Securities and Alpaca Securities won no-action relief from US Securities and Exchange Commission (SEC) staff this week for accounts that hold no customer cash. The money sits at a bank or a money transmitter instead. The two letters set how much capital each firm needs and how customer money may move. eToro's US broker-dealer, which introduces accounts to a clearing firm, may run the mod
Source: Finance Magnates