OTC

DriveWealth does not support the purchase of OTC securities, however we do support the liquidation of a position in an OTC security if a customer is invested in a security that gets delisted from an exchange. When a security is delisted from an exchange the following actions are taken:

• Partner is notified through their Slack channel by DriveWealth’s Listing Committee along with all relevant information.
• The security is moved from OPEN to INACTIVE, meaning that no new orders can be placed

To close out a retail customer’s OTC position, DriveWealth requires that the Partner send the following information to: [email protected].

• Customer Account Number
• Symbol
• Number of Shares

Once DriveWealth is in possession of this file, we will close positions out during the following time schedules:

• Opening: All orders must be received by 8:15 AM EST for market opening
• Midday: All orders must be received 1:00 PM EST- orders will be entered at 2:30 PM

DriveWealth’s process to close out these positions is as follows:

• Submit order to our executing broker to liquidate requested OTC securities
• DriveWealth receives a fill price and confirmation that shares had been successfully liquidated
• DriveWealth then creates a sell order in the customer’s account to reflect the fill price