FIX Connections – Fractional Shares

[Eric Stutzman]

Under the article ‘Trading – FIX Connection Guide’ it would be worth noting each custodian’s capability in cleaning up fractional shares.

Using Schwab via FIX Flyer we are unable to clean up fractional shares in an account on a full position liquidation. Schab advised to call these in…a limitation on their end.

Can anyone else weigh in on other Custodians, and how they handle this situation?

Thanks!

[Jamie Robins]

In our experience with trades submitted to TD Ameritrade via FIX, fractional shares in a full position liquidation will be liquidated automatically overnight. The whole shares will be sold immediately and the funds made available for reinvestment. The remaining fractional shares will be liquidated overnight at the same execution price as the original trade, with the proceeds available the next day.

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