Please refer to the details outlined below for important information concerning the funding of your trading account. The guidelines listed below should be reviewed with the Assent Branch Office Manager who is assisting you with the new account opening process.
Although each component is associated with some important underlying details, there are essentially four main components to activating your trading account:
Determining the market data services, and charting packages needed
- Submitting the appropriate account agreements in good form
- Funding your account
- Setting up and customizing the trading software and your layout
New Proprietary Trading Accounts
Minimum capital deposit requirements can at times vary, depending upon certain variables. If you are interested in opening a proprietary trading account, please be sure to discuss this topic with the Assent Branch Office Manager who will be working with you to establish your account. Deposits (both initial as well as subsequent) are classified as "capital contributions" and are subject to a one year lock - in period. Proprietary accounts are not SIPC insured. see SIPC for additional details. More details can be found within the Proprietary Trader New Account Application package. Please speak with your Branch Office Manager to follow up any questions that you may have.
New Customer Accounts
Each new retail customer account is considered a margin account, which means that per SEC rules, the standard day trading buying power and leverage ratios (i.e. 4:1 and 2:1) apply. A new customer account must be funded with at least $30,000, and to keep your account open as a margin account, and to continue to enjoy the day trading leverage ratios, the minimum equity must not fall to below $25,000. For additional information regarding SPIC insurance, please visit www.SIPC.com.
FUNDING YOUR NEW ACCOUNT BY CHECK
If you’re funding your new account by check, please note the following:
For the various individual type accounts, the check to fund your Assent account must be considered a first party check (drawn on a bank or financial account that matches the new Assent account holder’s name)
- For corporate accounts, the check sent in to fund your Assent account should be drawn on a bank account in the name of the corporation.
- In most cases, if you’re funding your new account by check, it may be easiest to attach your check to the New Accounts Package that your Branch Office Manager will need to approve ------- or alternatively, you can mail your appropriately identified check to our Hoboken office once your new account application has been approved.
- Assuming that your new account application has been approved and all required paperwork has been furnished in good order, you may start trading once your check clears. Please remember that checks drawn on domestic banks typically clear within three (3) days (depending upon the location of the issuing bank), whereas those drawn on non - US banks can take far longer to clear.
- UNDER NO CIRCUMSTANCES WILL WE ACCEPT CASHIERS CHECKS, MONEY ORDERS OR CASH to fund your account.
FUNDING YOUR NEW ACCOUNT BY FEDWIRE
Funding your account by wire is the usually the quickest method. You should not wire funds to us until your new account application is approved. The instructions to wire funds to us are:
JP Morgan Chase
277 Park Avenue
New York, NY 10172
ABA No: 021 000 021
Assent LLC
A/C 530397161
By Order: Trader or Customer’s Name
Remarks: For Further Credit to (“F/F/C”):
Name of Trader & Assent A/C #
FUNDING YOUR ACCOUNT THROUGH ACAT'S OR DEPOSITS OF SECURITIES
For those who wish to fund their new Assent LLC trading account from a transfer of an account from another brokerage firm, or bank, there are specific forms and procedures involved. Your Branch Office Manager will be happy to provide you these forms. However, be advised that this process make take a few weeks for everything to transfer properly and settle before you can commence trading in your new Assent account.
If you wish to establish your new Assent account via the depositing of securities, please note that they must be in your name, and be fully negotiable. Note, funding your account in this manner is NOT available to proprietary accounts or sub accounts within an LLC. As with the ACAT’s (an acronym for the NSCC's Automated Customer Account Transfer System) process, the re-registration and transfer processes must be completed and settled before your new Assent account can be activated.
