Example
If you exchange one folio for another, and there are no securities in common to both folios, the folio you have will be sold and the new folio will be bought with the proceeds.
Original Folio |
Desired Folio |
After Exchange |
|
 |
 |
 |
Old folio:
Sell $50 of security A
Sell $50 of security B
New folio:
Buy $40 of security C
Buy $60 of security D
|
If you exchange one folio for another, and there are securities common to both folios, we will buy or sell only what is necessary to accomplish the exchange.
Original Folio |
Desired Folio |
After Exchange |
|
 |
 |
 |
Old folio:
Sell $10 of security A
Sell $50 of security B
New folio:
Buy $60 of security C
|