As a member of the Securities Investor Protection Corporation (SIPC), funds are available to meet customer claims up to a ceiling of $500,000, including a maximum of $250,000 for cash claims. For additional information regarding SIPC coverage, including a brochure, please contact SIPC at (202) 371-8300 or visit www.sipc.org.

Our clearing firm has purchased an additional insurance policy through a group of London Underwriters (with Lloyd's of London Syndicates as the Lead Underwriter) to supplement SIPC protection. This additional insurance policy becomes available to customers in the event that SIPC limits are exhausted and provides protection for securities and cash up to an aggregate of $600 million. This is provided to pay amounts in addition to those returned in a SIPC liquidation. This additional insurance policy is limited to a combined return to any customer from a Trustee, SIPC and London Underwriters of $150 million, including cash of up to $2.15 million. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.

Yes!

Yes!

Yes! From over 40 different countries around the globe!

Yes!

Yes!

Yes!

Yes! Over 18 of them!

Yes!

Yes! As a matter of fact, that is the preferred method. You see that blue button at the top right that says "Open Account"? Just click it and then select the platform you want, and just go from there.

Our clients tell us, “The best there is!!”

All of your calls are answered live within 1 – 3 rings* (Don’t believe us? Test us! Just call and count the rings before someone picks up, feel free to then hang up.). And the person who answers is very friendly and knowledgeable and can help you with whatever you need, including placing a trade for you – and we do not charge extra for executing a trade for you over the phone, like most other firms do.
*During regular business hours, normal market/business conditions and normal systems’ functioning.

• “…thank you for your quick service, the responsiveness of you and your team excites me. I have never had service like yours at the other brokers I work with and will tell a few of my friends.” Tom H., Arizona
• 
  “p.s. Thanks for all of your terrific support during the last several weeks… The MasterTrader team has demonstrated a high level of customer service and has convinced me that I've made a good choice in a broker.” Michael F., Utah

Customers sharing their experiences have not been compensated. Individual experiences will vary.

It usually depends on how active a trader you are. Generally, if you trade less than 49 times per month it makes sense to consider the Executioner platforms or Realtick Express. If you are doing over 50 trades then the Realtick Pro or Sterling platform are best. Realtick Pro and Sterling are top of the line platforms.

Yes!

We offer a real-time demo of the RealTick Pro platform. However, we have a limited number of those, and so can only provide them to people who at least fill out our online account form. There is no obligation to complete the process and fund your account if you change your mind later.

Yes!

We offer free, live weekly online trading classes for all of our platforms. You can ask all the questions you want, and you can see the instructor use the platform in real-time. You are also free and welcome to call our office anytime with any question you may have. We also have free online movie tutorials.

(See our schedule)

Yes!

(See our schedule)

Yes!

Yes! You are always free and welcome to call our office and we will teach you how to use features and tools on your platform and answer any of your questions.

Yes!

Yes!

Pristine.com is an affiliate company. They’ve been providing premier trading and investing education since 1994, and we offer our clients many Pristine benefits and discounts to their services and courses. Such as an instant $200, $500 or $750 discount for a Pristine seminar, free Pristine services, and Reward Points towards free and discounted Pristine Education.

The minimum is $3000.00. Please keep in mind that, if you will be day trading, the federal requirement is a minimum of $25,000.00 in equity in your account – and we recommend at least $30,000.00 to start.

It’s coming soon!

Monday to Thursday, 8:00 AM to 8:00PM ET.
Friday, 8:00 AM to 6:00 PM

You may open the following types of accounts:

• Individual
• Joint Tenants in Common
• Joint Rights of Survivorship
• Corporate
• Limited Liability Company
• General/Limited Partnership
• Sole Proprietorship
• Investment Club
• Trust
• Roth IRA
• Traditional IRA
• SEP IRA
• Rollover IRA
• Simple IRA

The quickest way to fund your account is by contacting your current bank or brokerage firm and supplying them with our wiring instructions, they can be found here.

Each firm has their own rules on how the request needs to be made. If you are unsure about the information they are asking, please contact us.

You can also write a check out to Apex Clearing Corporation and overnight or mail it to:

Apex Clearing Financial Services, Inc.
c/o Ridge Clearing & Outsourcing Solutions, Inc.
1981 Marcus Avenue
Lake Success, NY 11042

Yes, you will need to fill out our one page ACH (Automated Clearing House) form, which can be found on our page, Additional Account Forms. You will also need to include a voided check. Both must be faxed or mailed to us. Once electronic transfers are set up for your account you can request to move funds in and out of your account with an email. The funds can only be sent to or drawn from the account originally specified (new paperwork will be needed to change the account).

If you are doing a full account transfer (all cash and all stock), you will need to complete our Account Transfer Form (ACAT) and send it to Mastertrader.com with a copy of your most recent statement. This form can be found on our website at by clicking here.

If you are doing a partial transfer of securities, you may send the securities via DTC. Please contact a New Accounts Representative for additional details.

Once your bank clears the funds, which may take up to 5 days, the funds will be available for trading. Always be sure to include your account number on your check. Mastertrader.com recommends sending a wire to avoid a lengthy hold on a check.

After Apex Clearing receives the funds in the account, you will receive an email notifying you that the account has been funded. You will also be given instructions on how and when you will be able to access your account through the trading platform.

Yes, you must complete a Check Writing Application that is not included in the new account paperwork. Please print, complete, and mail us the Check Writing Application.

You must complete a Check Writing Application to add a debit card to your account for a $30 annual fee. Foreign, corporate and Pattern Day Trading accounts cannot have a debit card. You must also maintain $10,000 in equity or the debit card will be shut off.

Viewing your account info requires the highest level of encryption security, 128 bit. If your current version of Windows does not have 128 bit encryption, please update your system at the following link: http://www.microsoft.com/windows/ie/downloads/recommended/128bit/default.asp.

When you open a new account you will not be charged any software fees until you log in to the software. Software fees are not pro-rated for the initial month and are charged in full. The data fees from additional exchanges are also not pro-rated.

Your account will be charged the initial software fee; then based on your trading activity; the software fees going forward may be reduced or waived completely.

Also, if you close or put your account on hold, you will be charged the full fee for the month you re-instate your account.

• All checks must be made payable to Apex Clearing Corporation.
• Cash and Money orders are NOT acceptable for deposit.
• Third Party checks are not acceptable for deposit. A third party check, including Cashiers & Traveler’s Checks, are defined by Apex clearing Corporation as any check drawn on an account other than that of the owner of the account serviced by Apex Clearing Corporation.
• Any deposits drawn in foreign currencies or against a foreign bank will not be accepted.
• All checks received for deposit by Apex for $25,000 or more will be deposited only after funds have been verified at the paying bank. In the event the bank informs Apex the funds are not sufficient to pay the item, Apex will attempt to verify funds for a period of 3 additional days. If after the third day, the funds are still not available for deposit the item will be returned to the customer un-deposited.
• Checks on which the written and numeric amounts do not agree will be returned to the customer un-deposited.
• All unsigned checks will be returned to the customer un-deposited.
• All checks received after the pre-printed expiration dates will be returned to the customer.
• Checks drawn against lines of credit or credit card accounts will be returned to the customer.
• All incoming checks for foreign accounts will be subject to a 30-day holding period prior to being eligible for disbursement (this does not prevent deposited funds being used for trading).

Over 18 of them!

Including: NYSE-ARCA, ATD, AUTO, BATS, NSDQ, EDGX, EDGA

In general:

Yes! We offer free, live weekly online trading classes for all of our platforms. You can ask all the questions you want, and you can see the instructor use the platform in real-time. You are also free and welcome to call our office anytime with any question you may have. We also have free online movie tutorials.

(See our schedule)

Yes! You can just send an email to support@mastertrader.com with your request.

Yes! You can just send an email to support@mastertrader.com with your request.

Yes! RealTick, Sterling, and the Executioner provide numerous stock scanning and alerting features.

Yes!

Yes! RealTick allows clients to use custom scripts with the trading platform.

It is borrowed money that is used to purchase securities. In a standard margin account the client has the ability to purchase up to 2X their total equity for stock purchases. The client is charged interest on the money borrowed and uses the securities as collateral.

Because Mastertrader accounts are considered Day Trading accounts they get additional margin to trade intraday. Each Mastertrader account that has total equity of at least $25,000 gets 4 to 1 buying power to trade with intraday, but must scale back any positions they are holding to meet the standard Regulation T requirement of 2 to 1 for overnight positions or you may create a margin call.

For example, a new $25,000 account can buy $100,000 worth of stock intra-day (4 to1). However, at the end of the trading day, 8pm ET, the account must not hold more than $50,000 worth of stock overnight (2 to 1). Although post-market trading continues until 8pm ET, most stocks lose liquidity soon after the close, and may be difficult to sell at a price close to the 4pm market close.

All of your account information such as Trading Activity, Cash History, and Buying Power can be found on the Apex Clearing Website. It is very important that you check this information every morning before you start trading.

https://online.apexclearingclearing.com/

Please see the sample account listed below:

Margin Equity

The value of your margin account based on the previous day’s close.  This will usually be equal to your Total Equity, unless you are holding cash (non-marginable) securities.

Total Equity

Margin Equity Percentage

Maintenance Requirement

Maintenance Excess

SMA

Overnight (Reg-T) Buying Power

Available to withdraw

Yes, because you are borrowing the securities to sell short, SEC Rules require this be done in a margin account.  Short Selling of stocks is not permitted in Cash Accounts (such as an IRA) and any short position created in a Cash Account must be closed out immediately.

Equity Maintenance Calls are created when your account closes below $25,000. It is not mandatory to meet this call, but you will lose the ability to trade on margin through the software. You will only be able to open positions equal to or less than the total equity in your account. Selling stock does not free up intra day equity. You may hold positions overnight using 2 to 1 margin, but you must call our trading desk to place these trades.

Required Maintenance Calls are created when your equity percentage falls below 25%. You may sell stock or send in additional funds and have 3 business days to meet this type of call.

Concentrated Maintenance Calls are created when your account is concentrated in one or more positions. Non-diversified accounts are subject to greater risk due to sudden market moves and are therefore held at higher requirements. The concentrated requirement of each position will depend on the percentage of absolute market value each position makes-up within an account. Below is a table showing the requirements based on the level of concentration:

• A position that makes up 25% to 35% of your total market value will have a 30% maintenance requirement. 
• A position with a value between 35% and 50% of the total market value will be held at 40%. 
• A position with a value greater than 50% of your total market value will be held at 50%. 

Regulation T (Federal) Calls are created when you exceed your overnight excess equity (buying power). This means you've carried more stock overnight than you have equity for. Since you have more buying power for day-trading purposes (4:1) than you have for holding positions overnight (2:1), it is possible to create this call if you do not close any day trades that exceed your overnight excess equity. For example, a new $25,000 account can buy $100,000 worth of stock intra-day (4 to1). But at the end of the day, 8pm EST, the account must not hold more than $50,000 worth of stock overnight (2 to 1). This type of call can be met only by sending in new funds to your account and you have 5 business days to meet this call. If you have an unmet Reg-T call in your account and create another one, you will have only one business day to meet the call.

Day Trading Calls are created when you exceed your Day trading buying power. The software will prevent you from exceeding this amount in most situations. However, this call may still be created on occasion. Also, phoning in trades may create this type of call. The broker placing your trade cannot always check if it will create a Day call. It is important to be sure that any one of your orders does not exceed your Day Trading buying power; this includes live orders that have not been filled. If you do create a Day call you will need to meet it in 5 days. It MUST be met by sending in new funds to the account.

Day trading in a cash account is generally prohibited. Day trades can occur in a cash account only to the extent the trades do not violate the free-riding prohibition of Federal Reserve Board's Regulation T. In general, failing to pay for a security before you sell the security in a cash account violates the free-riding prohibition. If you free-ride, your broker is required to place a 90-day freeze on the account.

Before understanding what a Pattern Day Trader is, it is important that we define and understand the term “day trade”. A day trade is when you buy and sell the same stock symbol or option contract during the same day. This includes if you buy and sell during the pre-market, regular market hours, or in the after-market hours on the same day. This also includes a short sale followed by a buy to cover on the same trade date. If you buy 200 shares of a stock and then sell 100 shares and then the additional 100 shares later the same day, it will be considered two day trades.

According to FINRA Rule 2520, a “pattern day trader” is any customer who executes four or more day trades within five business days. The minimum equity required for the accounts of customers deemed to be pattern day traders is $25,000. This minimum equity must be deposited in the account before the customer may continue day trading and must be maintained in the customer’s account at all times. If the account falls below the $25,000 requirement, the pattern day trader will not be permitted to day trade until the account is restored to the $25,000 minimum equity level.

Link to complete text for FINRA Rule 2520

If your trading account falls below 25K you have 3 options:

• Fund the account so that the total equity is greater than 25K
• Have your trading account converted to a cash trading account (Please note that if your account is converted to a Cash Account it must remain as a Cash Account for 90 days)
• Once every 90 days you can request to have your Pattern Day Trader Status removed from your account.

Long options have initial and maintenance requirements of 100%. Initial and maintenance margin requirements for naked options are 100% of the current market value of the option, plus 20% of the current market value of the underlying equity minus any “out of the money” amount down to 10% of the underlying value plus the premium.

The formula is demonstrated below:

100% of premium, plus the greater of:

20% of the current market value of the underlying security, less out-of-the-money

or

10% of the current market value of the underlying security

All Futures Contracts have a 100% Cash Requirement. The Initial and Overnight Requirements for all Futures Contracts that are available for trading via Mastertrader’s Platforms are listed on our website:

Click Here

Mastertrader does offer increased (2:1) leverage intraday to clients who are approved by our Compliance Dept. In order to receive the increased leverage you must fill out the necessary paperwork, which can be found in the Additional Forms section.

With the increased leverage a client would have 2:1 margin to trade with intraday, but would have to reduce any overnight positions to 1X Equity or run the risk of creating a Futures Call.

For example:

1 E-mini S&P contract has an initial requirement of $6,188, but with the increased leverage that requirement would be reduced to $3,094 for intraday trading. If you decided to hold the contract as an overnight position you would need to have the full requirement of $6,188 in your account or you will create an Initial Futures Call.

Overnight buying power (excess equity) is calculated based on what you have held overnight from the previous trading day. If you hold no positions overnight your overnight buying power will be twice your equity (2 to1), for marginable stocks. When you hold marginable positions overnight, 25% of the market value of those positions is withheld from your buying power. Any additional funds would be your overnight excess equity. If your account is concentrated (see below), 40% of the market value of your positions must be maintained overnight.

Day trading buying power will be 4 to 1 for accounts with at least of $25,000, (a new account with $25,000 can buy and sell up to $100,000 worth of stock as many times as is wanted). If you do not meet this minimum you may only trade in cash (1 to 1), and you may only trade your total equity once per day. For example, a $10,000 account may buy $5,000 of stock A and sell it, then buy $5,000 of stock B and sell it. After these two transactions the account would no longer have Day trading buying power. (Note: Your Day trading buying power will usually be greater than your overnight excess equity. If you do not close a sufficient amount of day-trades and exceed your overnight excess equity you will create a Regulation-T call.)

Your equity percentage is your equity divided by the total market value of all your stock. (For example: a $50,000 account holding $100,000 worth of marginable stock would be at 50%, 50,000/100,000).

If you are holding non-marginable stock (below $5, mutual funds and others) you must subtract this amount out of both your total equity and your total market value before calculating your equity. (For example: the same $50,000 account is holding $100,000 worth of stock and $10,000 of that stock is non-marginable or cash stock. We must remove the $10,000 from both sides giving us 40,000/90,000 or 44 %.)

You may view your equity percentage at the close of any given day on your Account Information page, under Client Services. It is contained on the Buying Power report and will have the previous day’s close and earlier.

Your account begins each day with a certain amount of excess equity (day trading buying power). Per FINRA rules, this amount cannot increase. However, it may decrease intra-day due to trading losses sustained in your account. The decrease in buying power due to losses is calculated to prevent margin calls in your account.

Concentration Requirements are calculated based on the size of each position in relation to the other positions in your account. The individual value of each position in a margin account would be divided by the total value of the margin account to calculate its requirement, when a position comprises a certain percentage of the value in the margin account, that position will be held at a higher requirement. The requirement schedule is as follows:

(A stock could be held at a higher requirement if the stock is deemed volatile by Apex Clearing, https://online.apexclearingclearing.com/(glkgin55ka0w0zayhujxxi2k)/CorrespondentDocuments/ForAcctHolders/Volatile%20Stock%20List%206-8-09.pdf)

Position that comprise less than 25% of the Net Absolute Value will be held at 25%

Position or positions that make up 25% to 35% of your total market value will have a 30% maintenance requirement. 

Positions with a value between 35% and 50% of total market value will be held at 40%.

Positions with a value greater than 50% of your total market value will be held at 50%. 

Note that positions with a concentrated requirement will be the only position that is held at that maintenance level, the maintenance level for the other positions in your account may vary based on concentration. Non-diversified accounts could produce Concentrated Margin Calls and be required to deposit additional funds. Concentrated positions can affect overnight buying power, but will not be used in the calculation of intraday buying power.

Yes they do and the margin requirement for stocks can change based on market conditions and the volatility of the stock. The New York Stock Exchange set the Minimum Maintenance Requirement on long margin positions at 25% of the current market value and 30% or 5 per share which ever is greater for short positions. Individual brokerages and clearing firms have the right to raise the MMR as they see fit based on market conditions.

If you have any questions regarding the maintenance requirements of a particular stock or your overnight positions, please contact the Mastertrader.com trade desk.

Also, NASDAQ/Listed Stocks trading below $5 will almost always have a margin requirement of 50% and NASDAQ/Listed Stocks trading at or below $3 will have 100% margin requirement. Please note that Pink Sheet and OTC Bulletin Board stocks have 100% margin requirement.

The standard initial margin requirements for shorting stocks would be $5 per share or 50% of the current market value (whichever is greater). The maintenance requirements are $5 per share or 30% of market value (whichever is greater).

Additionally, the initial and maintenance margin requirements for shorting stocks under $5 vary as well:

$5 and below - $2.50 per share or 100% of market value (whichever is greater)

For detailed instructions on how to test your connection click here.

For detailed instructions on how to configure your firewall click here.

Please go to Mastertrader's Online Trading Platforms page and select your platform that's right for you to download the trading software.

You can download the software before funding your account, however you will not be able to log in until your account is funded. Mastertrader.com does provide a Realtick demo that will allow you to evaluate our trading platform before funding your account. Please click here to request a demo trial.

Mastertrader.com provides numerous free training services:

Free Movie Tutorials – Movie Tutorials - click for details
Free Live Interactive Online Training Sessions – Free Training - click for details

1. You must subscribe separately to the news services. If you have not subscribed to a news service please click here to view the news services available to you.
2. Make sure that all ticker symbols are typed in upper case letters, that you have selected the correct field in the Filter Type section, and that you are accessing a news service that you are subscribing to.
3. Check that the date and/or time on your PC are correct. If the date and/or time on your PC are incorrect your news service will not update properly. You can correct the Date/Time Properties window through your Control Panel on your PC. Click on START, SETTINGS, CONTROL PANEL and then DATE/TIME.
4. You may be experiencing a bad connection between your computer and Townsend Analytics servers. To resolve this we recommend that you log off your Internet connection and RealTick software and then log back in. If the problem persists you may need to restart your computer. By restarting your computer, you establish a brand new connection with your Internet Service Provider.

To test the speed or reliability of your Internet connection, please run the following two Internet connectivity tests. Instructions for these tests can be found by clicking here.

PING TEST: This test measures round-trip travel time along major paths on the Internet. It measures the response time in reference to Internet traffic in how long it takes for a chunk of data to travel from point A to point B and back. A response time of less than 200 ms (200 milliseconds) which is 1/5th of one second is acceptable. A response time of less than 100 ms (100 milliseconds) which is 1/10th of one second is recommended.

TRACE ROUTE: The Trace Route test, also known as the TRACERT command, tracks performance between two systems by checking each HUB your internet connection passes through on its journey from your computer to its destination and back again. Each HUB your connection passes through is called a hop. The test will list each hop your connection takes, the ms corresponding to that particular hop as well as indicate if any information packets were lost. Generally, in addition to a low ping time, you want as few hops as possible and no packet losses. These two tests are a great way to see how well you are connecting to the Townsend Analytics servers.

To Ping Townsend Analytics IP address, you must enter the Command Prompt. After the "C:\>" type "ping 198.207.140.207 -t". For detailed instructions on how to run this test please go to: Click Here. This test will give you a continuous ping to the IP address and will allow you to see the response in milliseconds. Anything past 200 ms can lead to disconnections from the software. If the response is "request timed out" or "destination unreachable," a firewall or poor internet connection, among other things, may have caused the problem.

The subscription version "RealTick Pro Plus" provides several research centers that provide Mastertrader.com clients with fundamental information, Earnings Reports, Initial Public Offerings, Stock Splits, Wall Street Journal Front Page and Zacks Brokerage Research. You may view the online research in RealTick by going to Favorities, Web Browser and then making your selection.

Typically, this message will display if there has been an interruption between your computer's Internet connection to the Townsend Analytics servers. When experiencing an Internet interruption your connection comes back up to speed within a matter of time, but your order book needs to be refreshed. In most instances, it is sufficient to log off of the software and log back on. However, in certain situations, such as critical interruption, it may be necessary to restart your PC.

• 4 Level II windows
• 100 Symbols
• No Time and Sales
• No Alerts

The Executioner Web trading platform is a browser based platform, so there is no actual software do download. To download the Executioner Pro software please click here to download.

You can download the software before funding your account, However you will not be able to log in until your account is funded. Mastertrader.com does provide a demo trial for the Executioner that will allow you to evaluate our trading platform before funding your account. Click here to request an Executioner demo.

Mastertrader.com provides free, small group and one-on-one tutorials through our Mastertrader chat room. To schedule a Mastertrader session with one of our Technical Support staff, please register with us by clicking here.

Our technical support staff is available to assist clients with all their needs from 8am to 6pm EST. We can be reached at 1-800-424-3934 or you may submit a request to Technical Support at the bottom of this page.

Our clearing firm, Apex Clearing will usually mail 1099’s by the end of January each year. As required by law, 1099's are sent to all non-corporate account holders.

You may load your tax reports by either importing the data into Quicken or by generating a P&L Report from the Apex Clearing Client Connection. The Apex Clearing Client Connection can be accessed through our web site by clicking on “Client Services” then "My Account Info" or by going to: https://online.apexclearing.com.

If you sell shares at a loss and then re-purchase those shares within 30 days, the IRS will not consider any loss from the original sale to be tax deductible. Any sale that is considered to be a wash sale cannot be treated as a capital loss on your federal tax return. There may be certain instances where you may be exempt from this rule. Please contact a Certified Public Accountant or other tax professional for further tax advice.

Congress passed the Emergency Economic Stabilization Act on October 3, 2008, which requires firms to report adjusted cost basis for taxable accounts to the IRS via Form 1099-B beginning in 2011. The final ruling was issued by the IRS on October 12, 2010. You can review the final regulation via the following link: http://www.irs.gov/taxpros/article/0,,id=225080,00.html

Apex Clearing Cost Basis System will account for the rules regarding cost accounting:

• Gifts
• Inheritances
• Wash sales
• Short sales

Cost basis is the original purchase price you paid for an investment. Adjusted cost basis is the original cost basis and any adjustments due to wash sales, corporate actions, and any other transactions that affect cost basis.

Covered under the legislation:

• Equities purchased or acquired on or after January 1, 2011
• Mutual funds and DRIPs purchased or acquired on or after January 1, 2012
• Options, bonds and all other securities purchased or acquired on or after January 1, 2013

Apex Clearing Cost Basis will offer First-In First-Out (FIFO) and Last-In First-Out (LIFO). Clients also have the ability to perform a selected lot method up to and including settlement date. The tax lots can be matched at the discretion of the client.

• No, taxpayers will still be responsible for reporting capital gains and losses on Schedule D based on an aggregate view of all holdings across all of their accounts that have the same social security number or tax ID.
• If you have more detailed questions about your personal tax reporting, please direct them to your tax advisor for assistance.

• A message will be displayed on all client confirmations directing them to access their broker dealer’s website.
• The Apex Clearing Cost Basis System will be located in the “Tools” menu on https://online.apexclearing.com.

• Apex Clearing Cost Basis System will display whether a security is covered or uncovered.
• Only covered securities will have gain/loss reported on the 1099-B.

• Apex Clearing must transmit cost basis information for all covered securities to the contra firm in the event of a transfer in-kind.
• Apex Clearing will utilize The Depository Trust & Clearing Corporation (DTCC) system, Cost Basis Reporting Service (CBRS), to automate the transfer of this data.
• If the contra firm is not a CBRS member, Apex Clearing will utilize a paper transfer statement that will be mailed to the contra firm.
• All transfers into Apex Clearing that receive cost basis information, either via CBRS or paper transfer statement, will be updated accordingly in Apex Clearing Cost Basis System.