Departments

Trading

Trading

Frequently Asked Questions About Trading

IS THERE A CHARGE FOR CALLING THE TRADING DESK FOR ORDER EXECUTION?

There is no charge for calling the Trading Desk. The Trading Desk is always available as part of Western’s service to provide our Reps with execution of client orders.

DOES WESTERN PROVIDE PRE-AND AFTER-MARKET TRADING?

The Trading Desk can execute “pre-market” orders beginning at 6:00 a.m (PT) until the market opening at 6:30 a.m. (PT). We also offer “after market” trading for approximately 30 minutes after the close.

WHAT IS THE DIFFERENCE BETWEEN A STOP-LOSS AND A STOP-LIMIT?

A “Stop-Loss” is an order placed with a broker to sell a security when it reaches a certain price (a.k.a. stop order or stop market order)
A “Stop-Limit” order is an order placed with a broker that combines the features of a “stop-order” with those of a “limit-order”. A “Stop-Limit” order will be executed at a specified price or better after a given stop price has been reached. Once the stop price is reached, the “Stop-Limit” order becomes a “limit order” to buy or sell at the limit price or better.

HOW WILL I KNOW WHAT MY TICKET CHARGES WILL BE?

Your ticket charges and cost of fees assessed to you can be found in your “Schedule A”, which you signed when you joined Western. The Trading Desk does not know these fees.

CAN I ENTER ORDERS AFTER THE CLOSE FOR THE FOLLOWING TRADE DAY?

JP Morgan— Currently the MORCOM system does not allow reps to enter trades on the system after the close, but you may call the Trading Desk and they will take your order and place it before the open of the following day’s trading session.

Pershing—Order may be entered on NetX360 after the close for the open of the following day’s trading session.

WHEN MAY A "MARKET ON CLOSE" ORDER TO BE ENTERED?

A “MOC” (Market on Close) order may be entered NO LATER than 20 MINUTES before the close of the market.

WHAT IS REQUIRED TO TRADE OPTIONS?

Prior to placing an option trade: The client must complete and sign an options agreement. You, as the Registered Representative, must also sign the document.
Forward the agreement to Linda Brosche or Michele Fane in so they may sign as the Registered CROP.

Remember to give your client a copy of the “Characteristics and Risks of Standardized Options” disclosure and all supplements.

WHERE CAN I FIND WHAT MUTUAL FUNDS ARE AVAILABLE FOR PURCHASE?

Prior to purchasing any Mutual Fund you must first check the Western Approved Product list to ensure that Western has an agreement with the Mutual Fund. JP Morgan and Pershing Mutual Fund Lists are not indicative of Western’s. Once you have confirmed that the Mutual Fund is on the Western Approved Product List, take the following steps:

  • JP Morgan—You may find the JP Morgan Mutual Fund list in MORCOM under the Research tab > Mutual Fund List.
  • Pershing—You may find the Pershing Mutual Fund list in NetX360, Market & Research tab > Security Search.

DO I NEED TO WRITE MY OWN PAPER TICKETS?

You do not need to write your own paper ticket.

MORCOM—When you enter an order on MORCOM, the information you enter in the trading system is in compliance with a ticket.  The ticket can be electronically generated and printed the next day but is not required by Western. You may also call your orders into the Trading Desk where a ticket is written by our Traders.

NetX360—When you enter an order on NetX360, the information you enter in the trading system is in compliance with a ticket. The ticket can be electronically generated and printed the next day but is not required by Western. You may also call your orders into the Trading Desk where a ticket is written by our Traders.

CAN I FAX OR E-MAIL CUSTOMER ORDERS TO THE TRADING DESK?

Yes, you may email/fax your tickets to the Trading Department but it is always wise to call prior to sending the orders to give the Traders a warning that orders are being sent. It is preferred that you call instead of faxing or emailing to eliminate potential problems.

WHY CAN´T I ENTER AN ORDER FOR  25,000 SHARES ON THE SYSTEM?

Both Pershing and JP Morgan Trading Systems have an Order Rule Manager System that prevents the placement of quantities above the mentioned limit. The “blocks” are in place to prevent human error, either by inadvertently typing an extra digit or due to “Fat Finger Syndrome”.

 

Western International Securities, 70 S. Lake Ave., Suite 700,  Pasadena, CA 91101    Corporate: (888) 793.7717     Fax: (626) 793.7075

Clearing Through J.P. Morgan Clearing Corp. and Pershing LLC      Member FINRA and SIPC