PROCESS FLOW - FULL ACATS TRANSFER
Overview:
An ACATS transfer request typically takes 4 business days to complete and may take as long as 7 business days depending upon the circumstaces involved in the transfer. Outlined in the table below is a process flow of the transfer process, including typical timeframes for each stage of the process.
PROCESS FLOW - FULL ACATS TRANSFER
|
Step
|
Stage
|
Description
|
Result
|
Time Frame
|
|
1
|
_
|
Customer submits transfer instructions to IB via Account Management.
|
Begins transfer process.
|
Day 1.
|
|
2
|
Request
|
Receiving broker (IB) electronically transmits request via ACATS.
|
NSCC generates reports confirming transfer request to both IB and delivering broker.
|
Day1 if Step 1 completed prior to 11:30 PM ET, else Day 2.
|
|
3
|
Request
|
Delivering broker has up to 1 day to review transfer request for accuracy of account details and accept or reject.
|
If validated, delivering broker submits asset list;
If rejected, delivering broker enters applicable rejection code.
|
Day 1 to Day 3, depending upon timing of customer submission, each brokers input relative to the ACATS multi-batch processing cycles and the ability of the two brokers to corroborate the customer’s account details.
|
|
4
|
Review
|
If transfer request was accepted by delivering broker, the receiving broker (IB) has up to 1 day to review asset list;
If transfer request was rejected by delivering broker, depending upon the nature of the rejection the receiving broker may have up to 1 day to resubmit request.
|
If asset list was received, receiving broker (IB) can either accept the account, request adjustments (e.g., where asset lists include securities not eligible at receiving broker), or reject the account (e.g., where account is not in margin compliance);
If transfer request was rejected by delivering broker, receiving broker may correct and resubmit request or take no action and let request reject.
|
Day 2 to Day 4, depending upon events as noted above as well as decision of receiving broker to accept the account or request adjustments.
|
|
5
|
Settlement Prep
|
If receiving broker (IB) accepts the account the assets are staged and ‘locked’ for transfer.
|
Neither the delivering nor receiving firm can adjust or delete the ACATS transfer. Settlement will take place next business day.
|
Day 3 to day 6.
|
|
6
|
Settlement Close
|
Assets begin to transfer.
|
|
Day 4 to day 7.
|
Glossary terms:
Links: