New Day Trading Rules
Client asks, "If I make 4 day trades in a day, am I flagged as a PDT now?". What do we tell him?
Day trade counting, PDT designations, and the 25k minimum equity requirements are eliminated for margin accounts, meaning the PDT designations are obsolete. Clients can day trade freely within their buying power limits.
Pirates of the Caribbean is one of my all-time favorite movie franchises
A. Jim
B. Kevin
C. Jackson
C. Jackson
True or false.
The 100K eligibility requirement to participate in the SpaceX IPO only applied to that offering.
False. For now, this holds true for every IPO we participate in.
If a client asks us about Crypto, what is the required verbal disclosure we must give before discussing it?
"Schwab Crypto products are offered by Charles Schwab Premier Bank, are not covered by SIPC or FDIC, are not deposits, and may lose value“
What is a group of lions called?
A pride.
Define Intraday Margin Buying Power based on the info available in KC.
Intraday margin buying power gives clients up to 4x leverage for most day trades. It looks at clients' positions and maintenance requirements in real-time to determine buying power.
I am an avid reader and my favorite book is Snow Flower and the Secret Fan
A. T
B. Kris
C. Amaka
A. T
Name at least three accounts types that are ineligible for IPO participation?
The following account types are ineligible to participate in IPOs:
What phase of the Schwab crypto rollout are we currently in?
Early Access Phase 1
What is the per contract fee for options at Schwab?
$00.65 per contract
If a margin account has less than $2000 in equity, can the client still potentially day trade?
Yes. It will function as a cash account and clients can day trade with whatever their settled funds can support to avoid violations.
I competed in a bodybuilder competition when I was 16
A. Kevin
B. Jackson
C. Jeff
C. Jeff
If a client wanted to UNenroll from IPO alerts, what is the process we follow?
JW: TRR -> Other TRR issues -> Input Cust ID -> Submit a note saying: “[Client name] wants to un-enroll in IPO Deal Alerts.”
Name 3 account restrictions that would limit eligibility to open a Schwab Crypto account.
Several restrictions include:
What is the top grossing movie of all time???
Avatar (Lifetime gross: $2,923,710,708)
It's still Phase 1 of Day Trade Rule Rollout. A client has a margin account with $7000 cash and nothing else. Up to how much can he use for day trading?
A. 7,000
B. 28,000
C. 14,000
D. 21,000
C. 14,000. During phase one BEFORE the full rollout of intraday buying power, clients with under 25K in their account can use their margin buying power (2x equity). In this client's case, that will be $14,000. After phase 2, it would be $28,000.
I got to hold a baby panda.
A. Kris
B. Jeff.
C. Jim
C. Jim
A client with a blue / ROE account calls on Friday, June 12th saying "I wasn't eligible to participate in the SpaceX IPO and now your system isn't letting me buy at the market!". Assume he has cleared cashed to cover. Why is the system blocking this trade?
Clients on the DOMS (Legacy Blue OME/ROE) router are subject to slightly delayed quotes. Because of that, on the first day of an IPO, they are prohibited from entering market buy orders. Green accounts receive real-time quoting and do not have that restriction.
Give an example crypto order readback.
Mrs. Average Crypto Schwab Client, in your crypto account number SC000000000002, I am placing an order to buy 1.00006 bitcoin at market. That is one with four zeros after the decimal then six. The current ask is $105,500. The estimated trading fee for this trade will be ~$791.30. Is this order correct?
Who is considered the most decorated music of all-time?
Michael Jackson. Holding an estimated 1,000+ career accolades. This staggering total includes 13 Grammy Awards, a record 26 American Music Awards, and 39 Guinness World Records, officially cementing his title as the "Most Successful Entertainer of All Time."
During Phase 1, if a client is above $25,000 in equity, will they use margin buying power for determining how much they can leverage for day trades or Day Trade Buying Power? What happens if they fall below 25K during Phase 1?
They will still use Day Trade Buying Power. If the account dips below 25K before Phase 2 rolls out, the PDT flag and DTBP will be removed and the client will use marginable/stock buying power (2x in most cases) for day trades.
I used to be a great dancer.
A. Jeff
B. Amaka
C. Kris
B. Amaka
When is the earliest date clients can place stop limit orders for SPCX?
June 15th. Clients can begin placing stop orders after the first day of trading.
Using the attached Crypto trading guide (Page 2), if a client wanted to spend a total of $40,000 to get as much BTC/USD as possible (dollar-denominated buy order), what would his fee be?
A. 300
B. 436
C. 548
A. 300
If a client only wants to invest in mutual funds and/or ETFs but would like suggestions, what's one tool on s.com we could point them to where they answer some questions about what they're looking for and the system provides options?
Portfolio Builder Tool. Bonus: Where do you find it online????