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Two Accounts for Brokers

Non-Disclosed Brokers have two accounts in their name:

• The Master Account, whose Account ID begins with an "I" prefix. Non-Disclosed Brokers fund this account for the purpose of transferring funds to client accounts, and use this account to add client accounts, as well as other functions described in the table below.
• The Proprietary Account for Broker-Dealers, which is used for the broker's own proprietary trading, as well as the collection of client fees, commissions and interest owed to the broker. The account ID for this account begins with a "U" prefix.

Account Management Functions

Task	Master Account	Proprietary Account for Broker-Dealers
Change personal info, password, email, etc.	Yes	Yes
Add and link clients	Yes	No
Trading permissions for your own trading	No	Yes
Market data subscriptions for your own trading	Yes	Yes
Research subscriptions for your own trading	Yes	Yes
Market data billing	Yes	No
Research subscription billing	Yes	No
Fees, markups, commissions, interest, client credits		Swept nightly from Master Account
Deposit funds	Yes	Yes
Withdraw funds	Yes	Yes

Fund Transfers

In addition, you can:

• Transfer funds between your Master Account and Proprietary Account for Broker-Dealers;
• Transfer funds from the Master Account to your client accounts (in both directions)

You CANNOT transfer funds from your Proprietary Account for Broker-Dealers to your client accounts.