Determine
Your Account
Choose
your Online Trading Account
Visit the account
features page and choose the investment or trading
account that you would prefer to use.
Choose
an Account Type: TWS offers Individual, Joint, Corporate,
Partnership
Investment Club, Sole Proprietorship, LLC Limited Liability
Company, IRA, and Institutional Accounts. Foreign Accounts
include a W-8 BEN and Passport Copy
Sign
your Paperwork: Once you have determined your account
type, fill out the following required paperwork. Depending
on the account type, additional forms may be requested
by TWS.
Please
fill out the account application by using your keyboard
to enter the appropriate information. When finished,
print the application, sign and fax your completed documents
to Trade Wall Street.
For
the latest Adobe Acrobat Reader 
Trade
Wall Street Online Application Form
Read
Our Risk Disclosures and Privacy Policy
Fax your completed documents to Trade Wall Street
(Fax) 1.800.776.1018.
You will receive further instructions via email or phone
within a few hours.
If
you are funding your new account with a check, make
checks payable to: "Penson Financial Services,
Inc."
Funding
Your Account
How
to Fund Your Trade Wall Street Account
Money Market Fund
Application: Checking and Visa Debit
If you would like to open Money Market Fund account
for the check writing or visa card privilege, you need
to submit a separate application and set up a money
market account to complete the application process.
Notice:
On September 28, 2001 the
NASD implemented the following
- If
you trade less than 4 times in a 5 day week you are
considered an investor. An investor can open an account
for $2500.00 at TWS
- If
you trade 5 times or more in a week on a direct access
trading system you are considered a pattern day trader.
A day trading account must maintain at least $25,000.00
in equity at all times
- Accounts
that meet Day Trading Criteria will be extended 4
times buying power. Currently, the overnight extension
is 2x.
What type of orders can I place through my Trade Wall
Street Online Account?
Orders to ECN's, SOES, Superdot, Market Makers, or Auto
Market
Market orders
Limit and Day Orders, Stop Orders, GTC Orders
Trading Hours
Trading hours are from 8am
to 8pm. Our systems are open before and after traditional
market hours, however, there is no assurance that orders
will be filled in after-hours trading (based on market
liquidity)
How do I view my account activity?
Confirmation of your trading
is posted live in your account. Additional confirmations
are available through our E-Confirm System, Online Customer
Reporting Sytem, and through the Mail.
Where can I direct my stock trades?
All trades are executed through
a Trade Wall Street account using Direct Access Trading
platforms,Third Party or Proprietary Trading Software.
Your orders are entered live and reported back to you.
You have a choice on where to
send your trades. You have many routes to choose from
including IslandECN, ArcaECN, Redi, Selectnet, Supersoes,
Superdot, auto market order and more. Trade Wall Street
trading accounts also have an electronic connection
to HRZG and MASH. You choose where you trade.
What is IslandECN(ISLD)
Island is one of the most liquid
ECN limit books on the stock market. Island’s mission
is to provide investors with an open, transparent and
fully accessible marketplace. Island is about finding
a better destination for your order; a better marketplace
for your broker to send your order. Traditionally, a
broker/dealer would forward an investor’s order
to a market maker, or to an exchange floor specialist.
By placing your orders with Island, your broker often
avoids the costs and time-loss linked to these middlemen,
and takes advantage of a cheap, fast and reliable execution
of trades. Island is the pioneer in bringing the advantages
of electronic markets to individual investors. Hours
8am to 8pm
Reliability
– Island has developed a state-of-the-art system
that is simple enough to remain stable, efficient enough
to handle a trading volume of more than 53 billion shares
in 2000.
Anonymity
– Investors often prefer anonymity. On Island they
have it. Island displays the number of shares and the
price, but it does not show the brokerage house that
placed the order on Island, nor does it provide any
other clue about the investor’s identity, regardless
of whether the order was received from an individual
investor or a large institution.
What is Archipelago ECN? (ARCA)
Orders in the ARCA book can be
matched internally or will be preferenced to other market
participants. ARCA's SmartBookTM proprietary execution
algorithm utilizes an exclusive preferencing algorithm
to find the best price available internally and/or externally
by routing the order directly to the market(s) displaying
the best price and order/execution ratio (based on %
fill history, time and size shown). Multiple preferences
can be sent simultaneously. Orders that are not marketable,
at the time of entry, will be added to our National
Order Book. Use the ARCA system to preference an order
to a specific Nasdaq Market Participant or Listed Market
Center. To improve your chance of getting a fill, your
directed Nasdaq order will always check the ARCA book
before it routes the order to the selected Market Maker
ID (MMID). Hours 8am to 8pm
SuperSoes
Once an order is entered
on SuperSoes, the following will occur:
The order will go to the Market
Maker at the specified price. The order may be split
up among many available market participants. If there
are a remaining
number of shares to fill, SuperSOES will target the
Market Makers with
reserved amounts (after it’s targeted the participants
posting, first).
SuperSoes
can execute orders up to 999,999 shares. Orders in excess
of the size limits may be divided into smaller orders
to meet the size requirements. Professionals and Professional
may enter orders on this system.
Participation
SuperSoes participation
is mandatory for the NNM securities in which a Nasdaq
Market Maker is registered. Participation is optional
for electronic communications networks (ECNs)/alternative
trading systems (ATSs) and unlisted trading privileges
(UTPs) exchanges.
Hours Of Operation
SuperSoes orders priced as
"market" may be entered into the system beginning
at system open (8:00 a.m. Eastern Time [ET]) for execution
at market open (9:30 a.m., ET). Marketable limit orders
and market orders may be entered into SuperSoes during
the normal market hours of 9:30 a.m. to 4:00 p.m., ET.
SuperDOT
An electronic method of
sending your orders to the trading post on the NYSE.
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