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First Republic Securities Company, LLC
Member FINRA/SIPC
Online Brokerage Trading & Commissions Questions
- What is the difference between real-time and delayed quotes?
- What is a quote bank?
- How can I get more real-time quotes added to my quote bank?
- Why does today's opening price differ from yesterday's closing price?
- Am I guaranteed the quoted price of a security when I place an order?
- What are the trading capabilities of Brokerage Online?
- I placed an order at a particular price, and the stock traded at that price - why didn't my order execute?
- How do I change or cancel an order?
- How quickly will my orders be processed?
- How will I be notified if my order executes?
- How do I pay for a purchase in my brokerage account?
- Can I purchase and then sell the same security without having cash for settlement of the purchase?
- What are the commissions and fees?
- Can I take possession of my stock certificates?
What is the difference between real-time and delayed quotes?
Real-time quotes are just what they appear to be: securities quotes at current market prices. You may obtain real-time quotes for listed and over-the-counter stocks on most major exchanges. Each real-time quote you request will be deducted from your quote bank. Delayed quotes lag the market by 20 minutes for NYSE and AMEX quotes. All other delayed quotes lag the market by at least 15 minutes. We suggest that you check a real-time quote when placing an order.
What is a quote bank?
Real-time quotes are available through a quote bank - you will initially receive 100 real-time quotes in your quote bank per account. An additional 100 real-time quotes will be added to your quote bank for every executed order in your Brokerage Online account. One quote will be deducted from your quote bank for every real-time quote you access through Brokerage Online. Please note that real-time quote lists count as multiple quotes (i.e., if you view a real-time quote list with 10 securities, 10 quotes will be deducted from your quote bank).
How can I get more real-time quotes added to my quote bank?
We will credit your quote bank with 100 additional real-time quotes for every stock, option and mutual fund execution in your Brokerage Online account. You can also purchase more real-time quotes by contacting your Investment Specialist at (877) 348-5576 . Real time quotes can be purchased in increments of 100 and will be charged at $2 per one hundred quotes - this sum will be automatically deducted from your brokerage account.
Why does today's opening price differ from yesterday's closing price?
An opening price for a security may differ from its closing price the previous day. If you place an order after the market closes, you may receive a different price for the security than anticipated. The reason this happens is because the Specialist (for listed stocks) and the Market Maker (for over-the-counter stocks) can open a security at a "fair and reasonable" price. Sometimes this price differs from the closing price of the prior day. This may occur for a number of reasons including news released after the market closed or changes in supply or demand for the security.
Am I guaranteed the quoted price of a security when I place an order?
No. When you place an order, we will execute the order at the best available price. The price of a security may rise or fall between the time you place the order and the time we execute the order. Consequently, your order price and execution price may differ. This is especially true during volatile markets.
What are the trading capabilities of Brokerage Online?
You can place market, limit, stop, stop limit, all or nothing and fill or kill orders to buy or sell listed and national market OTC stocks. You can also place orders for load mutual funds offered through First Republic Securities Company. For mutual fund orders, the system will require that you have read the current prospectus before placing a trade. Order types for options include market, limit, all or nothing and fill or kill.
I placed an order at a particular price, and the stock traded at that price - why didn't my order execute?
If you are trading listed stocks, your limit orders are executed in the order that they are received by the exchanges; it is possible that other orders were placed before yours. Also market orders receive the highest priority while orders noted "all or nothing" receive the lowest priority.
How do I change or cancel an order?
You can change or cancel an open order from the Order Status screen by clicking on one of the following links: 'Cancel Order' or 'Change Order'. Select the order that you wish to change or cancel, make the appropriate changes and click on submit. Please note that market orders may execute almost instantaneously and once an order has been executed it cannot be changed or canceled. Be sure to exercise care when placing an order. If you have questions about an order, we encourage you to contact your Investment Specialist at (877) 348-5576.
How quickly will my orders be processed?
The majority of orders are transmitted electronically - a process which takes less than 60 seconds. The rest are reviewed and released by a First Republic Securities Company investment professional which can take a little longer depending on the order that is being placed. Orders will be placed every day that the markets are open. Normal trading hours are Monday through Friday from 6:30 AM to 1:00 PM PST. Orders that are placed when the markets are closed will be processed on the next business day.
How will I be notified if my order executes?
You can check to see if an order has executed by viewing the Order Status page within the trading section. A written confirmation of all stock trades will be mailed to you via regular US Mail the day after the trade date. Mutual fund confirmations will be mailed two days after the trade date. Orders are executed only during market hours. You are responsible for monitoring your account and verifying that your order has been executed.
How do I pay for a purchase in my brokerage account?
Payment is due the third business day (settlement date) following the day the purchase was made (trade date). To settle your purchase, you may request funds to be withdrawn from your cash account at First Republic Securities Company. Otherwise, you can mail a check to First Republic Securities at 111 Pine St. San Francisco, CA 94111. Please make the check payable to Pershing LLC.
Can I purchase and then sell the same security without having cash for settlement of the purchase?
No, you cannot. This is known as "freeriding", which is the practice of effecting rapid order transactions in a cash account where the cost of the securities purchased is met by the sale of the same security. Freeriding is strictly prohibited. All stock purchases in cash accounts must be paid in full by the settlement date, which is the trade date plus three business days. If payment is not collected, brokerage firms, including First Republic Securities Company are obligated under Regulation T of the Federal Reserve Board (concerning broker-dealer credit to customers) to sell out the position in question and restrict the customer's account for 90 days. When an account is restricted, a customer cannot buy unless he has cash in his brokerage account on the trade date to cover such a transaction. Additionally, a customer whose account is restricted cannot sell unless he has delivered the securities to be sold to his brokerage account on the trade date.
What are the commissions and fees?
| Investment | Online Trading | Desk-Assisted Trading |
|---|---|---|
| Stocks | $27 minimum | $57 minimum |
| $.03 per share, first 3000 shares | $.09 per share, first 1000 shares | |
| $.015 per share beyond 3000 | $.06 per share, 1001 through 3000 | |
| $.03 per share beyond 3000 | ||
| Fixed Income |
First Republic Securities offers a wide range of fixed income products at competitive pricing. Among these are U.S. Treasuries, mortgage-backed securities, asset-backed securities, U.S. Government agency bonds, corporate bonds, and municipal bonds. We may execute trades as agent or principal charging either a commission or a markup/markdown. Investments in U.S. Treasuries, mortgage-backed securities, asset-backed securities, and U.S. Government agency bonds of less than $100,000 face value, and U.S. Treasuries purchased in auction will be charged a commission of $50.00. |
|
| Mutual Funds | ||
| No Transaction Fee Funds | Over 1500 mutual funds are available without a transaction fee/ commission. Also, any investment into a load fund will not be subject to a transaction fee. | |
| Transaction Fee Funds | $30 minimum | $50 minimum |
| $0 -$49,999 | 0.20% of principal | 0.30% of principal |
| $50,000 & Greater | 0.10% of principal | 0.20% of principal |
| Maximum Fee $150 | Maximum Fee $200 | |
| Options | $27 minimum | $57 minimum |
| $3.00 per contract for first 25 contracts | $4 per contract for first 25 contracts | |
| $2.00 per contract beyond 25 | $2.00 per contract beyond 25 | |
| Margin Borrowing (Same rates apply to online and desk-assisted trading accounts) |
On a Margin Debit Balance of: |
Interest will be charged at Fed Funds rate, plus: |
| $0-$50,000 | 1.95% | |
| $50,001-$250,000 | 1.65% | |
| Greater than $250,000 | 1.35% | |
|
Commission Rates Effective August 17, 2005. Commission Rates are subject to change. |
||
| Description of Item | Fee | |
|---|---|---|
| Margin Extensions | $50.00 | |
| Reorganization Activities: | ||
| Voluntary | $25.00 | |
| Mandatory | Book Entry | No fee |
| Physical | $50.00 | |
| Physical Bond Redemptions Puts & Calls Physical |
$50.00 | |
| Inactive Account Custody Fee | $75.00 annually | |
| Transfers (Register & Ship) | $250.00 per issue | |
| Legal Transfer (Including Restricted Stock) | $250.00 per issue | |
| Foreign Receive & Deliver Fees: | ||
| Foreign Fixed Income Clearance | $75.00 per certificate | |
| All Other Foreign Securities | $100.00 per certificate | |
| Customer Name Safekeeping Physical Certificates |
$10.00 monthly per position | |
| Foreign Securities Safekeeping Physical Certificates |
$10.00 monthly per position | |
| Wire Funds | $35.00 | |
| Fixed Income Certificate Costs | $50.00 | |
| Outgoing Account Transfers | $75.00 | |
| Research Fee | varies | |
| All fees are subject to change | ||
Can I take possession of my stock certificates?
No, FRSC can no longer issue stock certificates. You will need to go directly to company transfer agent to request this. You can usually find out who the companies transfer agent is by going to the company website and clicking on the Investor Relations link.
| Investments in securities and mutual funds are: | ||
|---|---|---|
| NOT FDIC-INSURED |
NOT BANK GUARANTEED |
MAY LOSE VALUE |
| Special Notice to Non-U.S. Investors |
|---|
| Each of the investment products and services referred to on this website is intended to be made available to U.S. residents. This website shall not be considered a solicitation or offering for any investment product or service to any person in any jurisdiction where such solicitation or offer would be unlawful. |
