The Longbridge Trading App is operated by Long Bridge Securities LLC, a United States (“U.S.”) Securities and Exchange Commission (“SEC”) registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).
Client securities are held at Apex Clearing Corporation (“Apex”), our Clearing Broker, and are protected by the Securities Investor Protection Corporation (“SIPC”) for a maximum coverage of $500,000 (with a cash sublimit of $250,000). As with all securities firms, this coverage provides protection against failure of a broker-dealer, not against loss of market value of securities.
In addition, Apex has purchased an insurance policy through a group of London Underwriters (with Lloyd’s of London Syndicates as the Lead Underwriter) to supplement SIPC protection. This additional insurance policy becomes available to customers in the event that SIPC limits are exhausted and provides protection for securities and cash up to an aggregate of $600 million to pay amounts in addition to those returned in a SIPC liquidation. This additional insurance policy is limited to a combined return to any customer from a Trustee, SIPC and London Underwriters of $150 million, including cash of up to $2.15 million. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.
When determining a client account, accounts with like names and titles (e.g. John and Jane Smith and Jane and John Smith) are treated as one account, but accounts with different titles are not (e.g. Individual/John Smith and IRA/John Smith).
SIPC is a non-profit, membership corporation funded by broker-dealers that are members of SIPC. For more information about SIPC and answers to frequently asked questions (such as how SIPC works, what is protected, how to file a claim, etc.), please refer to the following websites:
https://www.finra.org/investors/have-problem/your-rights-under-sipc-protection
or contact SIPC at:
Securities Investor Protection Corporation
805 15th Street, N.W. - Suite 800
Washington, D.C. 20005-2215
Telephone: (202) 371-8300
Facsimile: (202) 371-6728