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Order violates OTC illiquid security policy??

 

6
Dec, 2011
Original Post
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What does this mean? Ive been trying to put in an order and status keeps cming back rejected with "Order violates OTC illiquid security policy"
9 vote(s)

7 Replies

  • Mar 15, 2012 at 4:59PM
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    Member log  msaine01 Member participation ranking in the ZeccoShare community

    I have had the same issue.I even made sure taht the stock has A) had some volume B) an existing business and going concern C) Employees. I think Zecco wants out of the penny business
    7 vote(s)
  • Mar 15, 2012 at 6:27PM
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    Member log  Zecco Editor Member participation ranking in the ZeccoShare community

    This message is displayed to warn Zecco Trading customers that their penny stock liquidation order triggered an “illiquid requirement”. These orders must be placed through a broker (by phone) at which point the broker will inform the customer of the risks associated with these transactions.

    More info on this topic can be found in this FAQ:
    www.zecco.com/help/trades-orders.aspx#boughtin
    7 vote(s)
  • Mar 15, 2012 at 11:54PM
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    Member log  Tony1076 Member participation ranking in the ZeccoShare community sMember is sharing their portfolio

    Guys, Zecco is not a broker-dealer. Penson is, so Zecco is warning their customers about stock that has been moved to a listing in OTC that requires a call to complete the transaction...since it can't be done online, anywhere....
    9 vote(s)
  • Mar 16, 2012 at 2:18PM
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    Member log  Zecco Editor Member participation ranking in the ZeccoShare community

    Just for clarity:

    Zecco Trading is a fully licensed online brokerage, member FINRA/SIPC.

    Definition of 'Brokerage'
    A business whose main responsibility is to be an intermediary that puts buyers and sellers together in order to facilitate a transaction. Brokerage companies are compensated via commission after the transaction has been successfully completed.


    Penson Financial Services is the clearing firm used by Zecco Trading.

    Definition of 'Clearing Firm'
    An organization associated with an exchange to handle the confirmation, settlement and delivery of transactions, fulfilling the main obligation of ensuring transactions are made in a prompt and efficient manner.
    11 vote(s)
  • Apr 09, 2012 at 9:50AM
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    Member log  Legalese Member participation ranking in the ZeccoShare community

    Zecco, this kind of change would have been much more effective in a notice to customers. I don't understand why we must continue to sift through the discussion board for this type of information.
    7 vote(s)
  • May 03, 2012 at 9:50AM
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    Member log  cchanceus Member participation ranking in the ZeccoShare community

    What online brokerage will do penny stocks now? Any recommendations?
    3 vote(s)
  • Oct 18, 2012 at 11:27AM
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    Member log  skipper4080 Member participation ranking in the ZeccoShare community

    etrade

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