Broker Dealer
Brokerage Account at Pershing
Pershing LLC
Another option offered by the Broker Dealer is the execution, custody and settlement of financial assets through Pershing LLC, a subsidiary of Bank of New York, allowing customers to open accounts in the US, with covered protection required by law, provided by SIPC, which in turn provides an extension of it with Lloyd’s London.
SIPC® Coverage
Pershing LLC is a member of the Securities Investor Protection Corporation (SIPC®), which allows the assets in customers accounts to be protected up to an amount of $500,000.00 (including a maximum of $250,000.00 for claims for cash pending for reinvestment).
Coverage in excess of SIPC® in by Lloyd’s of London
In addition to SIPC coverage, Pershing LLC provides protection for an excess in SIPC by Lloyds of London, in collaboration with others Insurance Companies including XL Specialty Insurance Co, Axis Specialty Europe Ltd., Great Lakes Reinsurance PLC and Iron shore Specialty Insurance Co.
The policy for excess in SIPC is scheduled to expire on December 10, 2011. It offers the following protection to assets held in custody by Pershing and the subsidiary based in London, Pershing Securities Limited:
- A total loss limit of US $ 1 billion, for eligible assets over all customer accounts.
- Loss limit per customer up to an amount US $ 1.9 million for cash awaiting reinvestment within the total loss limit of US $ 1 billion
Lloyd’s London maintains a credit rating of A+ from Fitch Ratings and Standard and Poor’s.
FPB can accept many types of collaterals for a loan; from cash or real estate to securities or receivables.
FPB gives its clients a fast and flexible service, using a variety of instruments to access the markets.
