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
Updated almost 4 years ago