We maintain relationships with both Southwest Securities Inc. and J.P. Morgan Clearing Corp. for clearing securities, which involves processing the physical delivery of securities and the monetary payments between buyers and sellers.

Southwest Securities, Inc. is a leading clearing agent and trade processor, providing services to more than 200 financial services firms nationwide. Southwest Securities, Inc. is the principal broker/dealer subsidiary of SWS Group, Inc. For the benefit of our customers, Southwest also maintains securities account protection in excess of SIPC limits. This additional protection covers the entire net equity of each account up to an aggregate of $100 million.

J.P. Morgan Clearing Corp (“JPMCC”) is a subsidiary of J.P. Morgan Chase & Co, a leading global financial services firm. JPMCC is a separately capitalized, guaranteed broker-dealer established for the express purpose of holding and financing all customer accounts and clearing and settling all customer transactions. JPMCC does not engage in proprietary or market making activities and, other than borrowing securities or funds (or similar transactions) to finance customer activities, JPMCC avoids any of the perceived risks associated with engaging in those activities.

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