Clearing Firm/SIPC Coverage
All transactions are cleared through and assets held by Pershing LLC, a wholly owned subsidiary of The Bank of New York Group, Inc. Pershing has assets of $12.4 billion and equity capital of $604 million, and The Bank of New York Company, Inc. has assets of $102.1 billion and equity capital of $9.9 billion. Pershing also holds client assets in custody worth over $700 billion.
Pershing LLC is a member of every major U.S. securities exchange and is a member of SIPC. Securities Investor Protection Corporation (SIPC) insures the accounts of our clients for up to $500,000 each customer, subject to limitation of $100,000 from claims for cash balances. See www.sipc.org for more information. Working on behalf of Maxim Group, Pershing provides the additional protection (Excess SIPC) on terms similar to SIPC for account net equity in excess of $500,000 through CAPCO.
Customer Asset Protection Company ("CAPCO") is an insurance company currently licensed by the state of Vermont and has an A+ financial strength rating from Standard and Poor’s. CAPCO provides to participating securities broker/dealers "Excess SIPC" net equity protection for institutional and individual clients’ securities accounts. This Excess SIPC protection is excess of the protection provided by the Securities Investor Protection Act ("SIPA"), which is administered by SIPC. The insurance does not protect against losses from the rise and fall in the market value of investments. See www.capcoexcess.com for more information.