http://fenixfinancial.net/services/broker-account.

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Fully Disclosed Individual Accounts Fully disclosed accounts are available for individual traders who require the use of margin and choose to deposit cash and securities directly with Fenix's clearing firm. Fenix offers the maximum equities margin rate allowed by US regulations, allowing client's to maximize their day trading buying power. We offer Equity buying power equal to 4 times maintenance excess (4:1) for all accounts that meet the minimum equity requirements for day trading accounts. Omnibus Accounts Omnibus Accounts are designed for third-party institutional clients with multiple clients that are undisclosed to Fenix. Trading platforms, commissions and risk parameters can be individually tailored and monitored for each account. Corporate Account Fenix provides a full range of corporate structures including Partnerships, LLC and Associations with the ability for separate sub-accounts on all structures. Trading platforms, commissions and risk parameters can be individually tailored and monitored for each sub-account. Prime Broker Trades are offered away (at another broker/dealer) and delivered to Penson via DTC. With a Prime Broker relationship, no limits are placed on size, side, stock or even specific account (as can be with DVP/RVP). The executing (away) broker assigns the commission on the outgoing trade. Fenix takes the trade reports and posts the trade with a "clearance-only" fee. Delivery vs. Payment (DVP) and CMTA Fenix offers a range of DVP services, a bilateral transaction in which cash and securities are transferred simultaneously from one account to another. Securities move from the selling DVP client's account to the buying DVP client's account and cash moves from the buying DVP client's account to the selling DVP client's account simultaneously. Available to those Institutional firms that trade US equities with custody of their assets, settled through a prime broker or custodial bank, and requiring an executing broker. The chain of events that follows a trade is: Trade Date: Trades executed. Electronic confirms sent from Penson to clearing agent via DTC on the same day. Trade Date plus One (T+1): The Institution's clearing firm will receive all paper confirmations for review. Any auto-affirmations will be acknowledged and reported at this point if applicable. Trade Date plus Two (T+2): Await affirmation of trades.

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http://fenixfinancial.net/services/broker-account.htm

Trade Dates plus Three (T+3): Settlement occurs. Fenix and Penson Financial DVP/RVP relationship benefits: Average pricing of same stock same side available. Multiple account functionality supported. Omnibus accounts available. Hands-on, friendly service and professional support. Trades can be executed on any of Fenix's platforms OR directly through an API and be included in the normal batch upload and processing (no special limitations exist). CMTA is the options equivalent of DVP. This option is available to those who trade equity options and use a prime broker or custodial bank that are OCC members. Service Bureau or QSR Agreements Offered to institutional clients who are NASD members. Trades are executed through Fenix's trading platform and cleared through the correspondents clearing firm. Correspondent FLIP Correspondent FLIP is available to institutional clients who are broker dealers but are not members of any US Exchanges (i.e., Nasdaq, NYSE, etc.). Trades are executed through Fenix's platforms as the introducing broker, and cleared through your designated clearing firm.

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