New Accounts
Upon receipt of completed paperwork, accounts are typically opened within 24-48 hours.
Mail completed and signed account paperwork to:
Regal Discount Securities
Attn: New Accounts
950 Milwaukee Ave., Ste. 102
Glenview, IL 60025
Regal Discount Securities
Attn: New Accounts
950 Milwaukee Ave., Ste. 102
Glenview, IL 60025
There is no minimum to open an account. A minimum of $25,000 equity in any combination of U.S. Dollars and/or U.S. exchange traded securities is required for international accounts. New Accounts must be funded within 60 days of the account opening or the account may be closed.
Accounts may be funded by check, ACH, wire transfer, stock certificate or account transfer. Money orders, third party checks, credit card checks, home equity line checks and starter checks are not accepted. Some checks may require a 4 business day hold. Cashier's Checks must have the remitter's name electronically printed directly on the check by the issuing bank. Wired funds are usually available upon our receipt of the funds. See How to Fund Your Account for more details.
Yes. The United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) administers and enforces economic and trade sanctions based on US foreign policy and national security goals. To ensure compliance with all Federal legislation and Anti-Money Laundering (“AML”) regulations, Investrade Discount Securities will not open any new accounts for customers that are a national, a citizen of or are residing in Certain jurisdictions: See International Accounts for more information.
When completing your account paperwork, include the Account Transfer Form and a copy of your most recent statement for the account you wish to transfer.
A full automated customer account transfer (ACAT), will typically take 5 to 7 business days. A non-ACAT (partial transfer) or manual transfer may take up to 3 weeks to complete.
U.S. clients may choose from Traditional, Rollover, Roth, Coverdell, SEP, Simple, Individual 401(k), and Profit Sharing Plans.
Yes. We allow prudent trading of options in IRA's based on an investor's individual suitability. Option trading in IRA's includes call buying, put buying and covered calls. Short puts and naked call transactions are not permitted in IRA's. We reserve the right to determine what trading is suitable for an IRA.
See Account Protection for details.
The phrase, “Non-Professional Subscriber” means any natural person who is neither: (a) registered or qualified in any capacity with the SEC, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (b) engaged as an “investment advisor” as that term is defined in Section 201 (11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act; nor, (c) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt. The phrase “Professional Subscriber” means all other persons who do not meet the definition of Non-Professional Subscriber.
Customer Service
Mon. - Fri. 8:00 a.m. - 6:30 p.m. EST
Regal Discount Securities
Attn: Customer Service
950 Milwaukee Ave., Ste. 102
Glenview, IL 60025
Money orders, third party checks, credit card checks, home equity line checks and starter checks are not accepted.
Include an IRA Deposit Slip when making deposits into an IRA account.
Attn: Customer Service
950 Milwaukee Ave., Ste. 102
Glenview, IL 60025
Money orders, third party checks, credit card checks, home equity line checks and starter checks are not accepted.
Include an IRA Deposit Slip when making deposits into an IRA account.
Please make all checks payable to our clearing firm, Hilltop Securities, Inc. Include your account number in the memo line of the check. Important Note: Cashier's Checks must have the remitter's name electronically printed directly on the check by the issuing bank. Money orders, third party checks, credit card checks, home equity line checks and starter checks are not accepted.
1. On the back of the stock certificate, enter Hilltop Securities, Inc. as the attorney to transfer the stock.
2. Each person registered on the stock certificate must sign the back exactly as printed on the front, including initials, suffix, etc.
3. Date the certificate.
4. In pencil, write your account number on the front of the certificate in the upper right hand corner.
Please mail the certificate(s) to:
Regal Discount Securities
Attn: Customer Service
950 Milwaukee Ave., Ste. 102
Glenview, IL 60025
If you prefer, you may submit an Irrevocable Stock Power Form in place of completing the above information on the actual stock certificate. Please note you must still mail the stock certificate to Regal Discount Securities for processing.
Important Note: Regal Discount Securities does not accept for deposit or process restricted stock.
See Account Funding Options for more information.
2. Each person registered on the stock certificate must sign the back exactly as printed on the front, including initials, suffix, etc.
3. Date the certificate.
4. In pencil, write your account number on the front of the certificate in the upper right hand corner.
Please mail the certificate(s) to:
Regal Discount Securities
Attn: Customer Service
950 Milwaukee Ave., Ste. 102
Glenview, IL 60025
If you prefer, you may submit an Irrevocable Stock Power Form in place of completing the above information on the actual stock certificate. Please note you must still mail the stock certificate to Regal Discount Securities for processing.
Important Note: Regal Discount Securities does not accept for deposit or process restricted stock.
See Account Funding Options for more information.
Domestic
JPMorgan Chase Bank, N.A.
270 Park Avenue
New York, NY 10017-2070
ABA # 021000021
Hilltop Securities, Inc.
Account: #08805076955
FFC: (customer name & account number at Hilltop)
Attention: Settlement Dept.
International
JPMorgan Chase Bank, N.A.
270 Park Avenue
New York, NY 10017-2070
ABA # 021000021
Hilltop Securities, Inc.
Account: #08805076955
SWIFT Address: CHASUS33
FFC: (customer name & account number at Hilltop)
Attention: Settlement Dept.
THIRD PARTY WIRES WILL NOT BE ACCEPTED. FUNDS WILL BE RETURNED TO SENDER BY THE CLEARING FIRM AND FEES ASSESSED.
See Account Funding Options for more information.
Log-in to your account and submit the Domestic Wire Transfer request.
If the wire request is for $50,000 or more, it must be notarized. Wires must be sent to same-titled accounts. No third party wires may be processed.
See Account Funding Options for more information.
No. We will not accept deposit or process restricted stock under any circumstances. If we receive restricted stock, it will be returned to the sender.
Margin maintenance ranges from 30%-100% depending on the particular stocks in the account. See our Margin Rates for more information.
See Margin Requirements for more information.
See Margin Requirements for more information.
Margin accounts with any concentrated single position comprising more than 50% of the accounts value may be charged 40% on the entire account.
See Margin Requirements for more information.
"Pattern Day Traders" are defined as those customers who day trade (buy and sell the same position within the same trading day) four or more times in five business days.
See Day Trading Margin Rules and Day Trading Risk Disclosure for more information.
Trading
Yes. Extended hours trading is available from 8:30-9:30 a.m. EST and from 4:00-5:00 p.m. EST. Extended hours trades cannot be placed online. To place an extended hours trade please call the trade desk at 1-800-92-REGAL.
See Extended Hours Trading for more information.
See Extended Hours Trading for more information.
If your equity, the sum of all positions (except options) in the margin type and trade date balance, is below $2000 you must pay for your purchase in full and cannot go on margin. If you do not have the funds to pay for the purchase in full then you must deposit funds to satisfy the requirement otherwise a liquidation to cover the debit and a 90 day restriction will apply. Another scenario is if you reduce your equity by buying option(s) which results in your equity falling under $2000 with a debit balance the debit must be covered with new funds otherwise a liquidation to cover the debit and a 90 day restriction will be applied.
• Spreads
• Combos
• Straddles/Strangles
• Butterflies/Condors
• Iron Butterflies/Iron Condors
• Rollouts
Please note that you may not be approved for all of the strategies listed above. Option rates apply to each leg of spread orders.
• Combos
• Straddles/Strangles
• Butterflies/Condors
• Iron Butterflies/Iron Condors
• Rollouts
Please note that you may not be approved for all of the strategies listed above. Option rates apply to each leg of spread orders.
Other than retirement accounts, it is not recommended that you have multiple accounts under the same social security or tax ID. If you do have multiple accounts under the same social security or tax ID, the margin buying power and account value may be aggregated from all linked accounts and reflected in one account called the master account. Please contact us if you would like to select the master account of your choice or have additional questions.
Please be aware of the risk associated with call spreads and dividend payment. Only owners of the underlying stock are entitled to receive the dividend. Long call holders do not have the right to receive the dividend unless the call option is exercised and shares are in the account prior to the Ex-Dividend date. Customers that are short stock coming into Ex-Dividend date due to an assignment must pay the dividend. Below is an example where you can lose more money than what was originally calculated.
Due to this risk of leaving an unsecured debit we may ask customers to close out of their spread prior to the Ex-Dividend date if you have a short call that is in the money, time premium is less than the dividend and you do not have the funds to pay the dividend in case of an assignment.
You have a 100 XYZ bear call spread 128 – 129. The maximum risk (outside of exercise or assignment) is the difference between the strikes which in this example is 1. But if you were assigned and short stock coming into the Ex-Dividend date you have to pay the dividend. If you are short 10000 shares and the dividend rate is $0.56 per share the risk is now $1 plus $0.56. In unfavorable market condition moving against your strategy can lead to an unsecured debit.Assignments can occur on any day prior to expiration and accounts are selected randomly. You, as the seller of the call option, are obligated to sell stock at the strike price. Calls that have time premium (not to be confused with premium or market price) that is greater than the dividend rate generally will not be assigned. However, there is no guarantee that the assignment will not occur regardless of the time premium or whether the option is in or out of the money. It is the right of the long call holder to exercise and the obligation of the short call holder to accept. There is no guarantee that you will be assigned either. This is the unknown until the assignment actually occurs.
Due to this risk of leaving an unsecured debit we may ask customers to close out of their spread prior to the Ex-Dividend date if you have a short call that is in the money, time premium is less than the dividend and you do not have the funds to pay the dividend in case of an assignment.
Expiring long and short option positions may be closed as early as 2:00 PM EST on the last trading day prior to expiration if you do not have the funds or buying power to buy or short the underlying security. We will allow customers to take action on their position until 3:30 PM EST but you must contact us with your intentions. Please note that you may still get assigned even if a short option is out of the money. Therefore, if there is risk to the account, short options may be closed out even if it is out of the money. The firm may close out your positions without prior notice. We may also elect not to exercise or close the resulting stock position in the aftermarket hours on expiration day or pre-market the following business day.
No, we do not allow the entry of Pink Sheet or Bulletin Board stocks through our trading platform.
Regal Discount Securities does not accept deposits of equity securities traded on the Pink Sheets or OTC Bulletin Board markets priced below $1.00, including but not limited to, utilizing the following methods:
1. Any form of physical certificate deposit through the SPS application (Securities Processing System), the Transit System (TNST), and via mail.
2. DWAC (Deposit/Withdrawal at Custodian)
3. DRS (Direct Registration Services)
4. ACAT Transfer of Restricted Stock, except certain low-priced securities without any restrictive legend via ACAT.
Regal Discount Securities reserves the right to reject any account that has a concentration of low priced securities (penny stocks).
1. Any form of physical certificate deposit through the SPS application (Securities Processing System), the Transit System (TNST), and via mail.
2. DWAC (Deposit/Withdrawal at Custodian)
3. DRS (Direct Registration Services)
4. ACAT Transfer of Restricted Stock, except certain low-priced securities without any restrictive legend via ACAT.
Regal Discount Securities reserves the right to reject any account that has a concentration of low priced securities (penny stocks).
Bond trades must be placed with our bond desk, call 1-888-897-8133.
GTC (Good Til Canceled) orders do not stay open indefinitely. Orders may be canceled due to corporate actions such as stock split or symbol change. Orders may be canceled after one year. Each venue will have a policy on how long orders are held. Therefore, orders may stay open greater than one year. Please contact the trade desk at 1-800-927-3425 for more information regarding order handling policy.
Calls are generally due in 3 business days after issuance. But due dates may be accelerated if concentration exists in the account. Exchange calls are due in 1 business day.
A Day Trade Call is issued when you complete a day trade in excess of your start of day buying power. A day trade is defined as opening and closing the same security on the same trading day in that sequence.
For example, you had $2000 buying power at start of day, sell $8,000 ABC and then use the proceeds to buy $10,000 XYZ and then sell XYZ all on the same day you will be issued a day trade call of $8,000.
Calls will be based on the initial margin cost of the trade minus start of day excess. Day trade Calls are required to be met with new funds within 3 business days or a 90 day closing only restriction will be applied after the due date. Funds may post after the due date to end the restriction early. New funds must remain in the account for a minimum of 2 business days before they can be withdrawn.
Retirement accounts that are approved for spread and cash secured options trading can be flagged as a pattern day trader (PDT) if 4 or more day trades are executed within a rolling 5 business day period. As a PDT retirement account, the account must maintain $25,000 in account value start of day in order to enter opening transactions.
This exchange rule states: An account which places 390 option orders per day (equates to one order per minute of the regular session) on average for a calendar month is designated as a “professional customer.” This rule, adopted by the options exchanges, is designed to identify professional customers who compete with market makers that otherwise should not receive priority over retail customer orders.
The number of option orders is aggregated by all accounts held by one beneficial owner. Additional monthly data charges may also be applied. eRegal does not support professional traders designated by the 390 Professional Orders rule. Account restriction may be applied to those designated as a 390 professional option order trader.
You may visit the CBOE site below regarding the 390 Professional Orders rule.
https://cdn.cboe.com/resources/regulation/circulars/regulatory/RG16-064.pdf
Fully Paid Lending Program
Fully paid and excess margin securities held in your enrolled account are eligible for lending through the FPL Program. A fully paid security is a security that has been completely paid for. An excess margin security is a security that has not been completely paid for, but that has a market value exceeding 140% of your margin debit balance to RDS.
The FPL Program is available for traditional brokerage cash accounts and certain Individual Retirement Arrangement (IRA) accounts with a minimum account value of $50,000 at the time of enrollment that meet other applicable eligibility requirements.
The FPL Program is available for traditional brokerage cash accounts and certain Individual Retirement Arrangement (IRA) accounts with a minimum account value of $50,000 at the time of enrollment that meet other applicable eligibility requirements.
You maintain economic ownership of any securities on loan and are subject to market risk with price fluctuations. Furthermore, you retain the ability to sell your shares at any time and receive the proceeds of such sale. It is important to note that selling a position on loan will result in the termination of the loan. Additionally, should you write a covered call on an underlying position while it is on loan, the loan will also be terminated.
No. You will not have proxy voting rights on loaned securities. During the term of the loan, you waive the right to vote, provide any consent, or to take any similar action with respect to the loaned securities if the applicable record date or deadline falls during the term of the loan.
If a dividend is paid while securities are on loan, you will receive a substitute payment, or payment-in-lieu of the dividend, instead of receiving the actual dividend payment from the issuer. Payments-in-lieu may receive different tax treatment than a dividend payment from the issuer. Please consult your tax professional for more information about how this may impact your specific situation.
While your securities are on loan, they are not protected by Securities Investor Protection Corporation (SIPC) insurance. On the loan origination date, Hilltop Securities, our clearing firm, will deposit collateral in the form of cash equal to 102% of the market value of any shares that Hilltop Securities has borrowed. This collateral will be held at an independent custodian bank as outlined in the MSLA. The amount of the collateral posted will be adjusted daily (or “marked-to-market”) to reflect any changes in the loaned securities’ market value or a change in the number of shares borrowed by Hilltop Securities. The collateral pledged by Hilltop Securities to you for its loans under the FPL Program does not contribute to the market value of your account.
In general, positions that are considered “hard-to-borrow” are more likely to be selected for borrowing under the FPL Program. However, not all hard-to-borrow positions will carry the same demand.
No. Once you are enrolled, Hilltop Securities, our clearing firm, may borrow shares of any securities from your account at its discretion. Participation in the FPL Program does not guarantee that your shares will be borrowed or that you will earn income.
You will receive compensation in the form of a loan fee while the securities are on loan. Loan income will accrue daily and will be credited to your account on a monthly basis. The lending interest rate for a loan is market-driven and can fluctuate daily based on several factors, including but not limited to, borrowing demand, market supply and short selling. Participation in the FPL Program does not guarantee that any portion of your shares will be borrowed or that you will earn income.
On the day a new loan is originated, Hilltop Securities, our clearing firm, will send you, via email, a Loan Origination Notification.
Hilltop Securities, our clearing firm, may borrow the securities in your enrolled account to satisfy delivery requirements resulting from short sales, to cover a short sale or fail to deliver, to satisfy customer possession and control requirements, to further on-lend the loaned securities to other broker-dealers, and/or for any other permitted purpose.
RDS may receive compensation in connection with the use of your loaned securities, including in association with lending your securities to other parties or facilitating the settlement of short sales.
The lending interest rates paid to you by Hilltop Securities, our clearing firm, for loans of securities are based on several factors including, but not limited to, borrowing demand, the overall lendable supply of the security, short-selling and hedging interests, and general market conditions.
Changing market conditions may necessitate a change in the lending rate.
Both you and Hilltop Securities, our clearing firm, may terminate loans at any time. Additionally, a loan will be terminated upon your sale of shares currently on loan, your writing of a covered call against shares that are on loan, or your notification to RDS that you are choosing to unenroll from the FPL Program. You may remove specific securities from the FPL Program by transferring the shares to another account that is not enrolled in the FPL Program or by choosing to unenroll from the FPL Program. Please contact our Customer Support desk to terminate your enrollment in the FPL program.
Please email instructions to our Customer Support team at service@eregal.com