| What is S&Y Online?
How do I register to use S&Y Online and open a new account?
What is DVP and how does it work?
What are S&Y Online's hours?
What if someone else places an order for the same bond that I want to buy?
What about S&Y Online's prices?
Is there a minimum transaction amount for trades at S&Y Online?
Why doesn't S&Y Online deal in municipal bonds with credit ratings lower than investment grade?
Earlier today, I saw a bond I was interested in buying on S&Y Online, but when I decided to buy today, the price had changed. Why?
If I buy a municipal bond from S&Y Online that is about to distribute its semi-annual interest payment, how do I receive the payment?
Do I need an e-mail address in order to register and trade with S&Y Online?
I want to use S&Y Online but I'm concerned about using the internet to conduct financial transactions. Is there any alternative way to trade through S&Y Online?
Are my transactions with S&Y Online secure?
What if I forget my user name or password?
Who does S&Y Online use as a clearing agent?
How long does it take to settle a trade with S&Y Online?
How do I calculate my net cost of a bond trade through S&Y Online?
Can I view my transactions with S&Y Online online?
Can S&Y Online be used by non-US residents or to purchase non-US bonds?
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| What is S&Y Online? |
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S&Y Online is a NASD-licensed broker-dealer that offers investment grade municipal bonds
through its website, http://www.sybonds.com.
S&Y Online offers both institutional and individual investors a new way to trade municipal
bonds. You can register as an S&Y Online user, browse our inventory immediately
and buy and sell municipal bonds online. For each bond
issue, S&Y Online clearly displays "offer" and "bid" pricing so that you can see the actual
spreads for each issue. S&Y Online carries
each bond issue listed and clearly priced for immediate trading on its website.
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| How do I register to use S&Y Online and open a new account? |
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Please call our trade desk at (415) 445-2618.
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| What is DVP and how does it work? |
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"DVP" is an abbreviation for Delivery Versus Payment, a transfer system used throughout the
securities industry. When you register as an S&Y Online user, you indicate which brokerage
account you would like to use as your trading account. For each trade, S&Y Online sends a
message through the DVP system to debit your brokerage account for the amount of the trade and
S&Y Online then transfers the municipal bonds that you've traded to your existing brokerage account.
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| What are S&Y Online's hours? |
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Because we're an Internet company, registered users can search S&Y Online's inventory for
municipal bonds at any time -- 24 hours a day! Our traders will complete your trades online
when you trade during market hours (9:00 AM to 6:00 PM EST Monday through Friday).
You can also send us email at any time -- 24 hours a day -- and we will respond as soon as
the market opens. Our customer service department can be reached at 1-415-445-2618
during market hours. Please note that we are closed on Saturday and Sunday, as well as all
holidays and occasions on which the bond market is closed.
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| What if someone else places an order for the same bond that I want to buy? |
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Because S&Y Online carries an actual online inventory of municipal bonds that customers can
trade online, your trades occur in a moving market. All trades are completed based on the
order they are received by S&Y Online.
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| What about S&Y Online's prices? |
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S&Y Online strives to offer customers competitive market pricing that was formerly reserved
for large institutional investors, with clearly displayed offer price for each
issue in our inventory. We urge you to compare our spreads on any bond in our inventory.
S&Y Online adds no extra service charges or trade commissions.
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| Is there a minimum transaction amount for trades at S&Y Online? |
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The minimum transaction amount for trades at S&Y Online is $25,000 per transaction.
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| Why doesn't S&Y Online deal in municipal bonds with credit ratings lower than investment grade? |
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S&Y Online is an online broker-dealer that allows its customers to trade municipal bonds at
competitive market prices. Therefore, to best meet the needs of our customers, S&Y Online
concentrates on trading only municipal bonds with the highest credit ratings and greatest
market liquidity.
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| Earlier today, I saw a bond I was interested in buying on S&Y Online, but when I decided to buy today, the price had changed. Why? |
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S&Y Online conducts a live-market business in real time. Therefore, prices are subject to change
as the market moves.
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| If I buy a municipal bond from S&Y Online that is about to distribute its semi-annual interest payment, how do I receive the payment? |
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Because S&Y Online deposits municipal bonds to your existing brokerage account, you will receive
any interest payments associated with municipal bonds you buy from S&Y Online through the brokerage
account that you indicated when your account was opened.
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| Do I need an e-mail address in order to register and trade with S&Y Online? |
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Because S&Y Online is an Internet-based company and uses email as a primary form of
communication, an email address is required to register and open a new account with S&Y Online.
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| I want to use S&Y Online but I'm concerned about using the internet to conduct financial transactions. Is there any alternative way to trade through S&Y Online? |
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S&Y Online uses 128-bit encryption and other security measures to safeguard the integrity of your
trades. Call S&Y Online at 415-445-2618 and one of our customer service representatives
will be happy to assist you.
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| Are my transactions with S&Y Online secure? |
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S&Y Online uses 128-bit encryption and other security measures to safeguard the
integrity of your trades and account.
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| What if I forget my user name or password? |
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To protect the integrity of your account, please call our customer service line
at 1-415-445-2618 if you forget your user name or password, or you may go to the
Password page and enter your username. If you do so, your
password reminder phrase will be sent to the email address associated with your user name.
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| Who does S&Y Online use as a clearing agent? |
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S&Y Online uses Wexford as its clearing agent for all trades.
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| How long does it take to settle a trade with S&Y Online? |
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S&Y Online settles all trades 3 business days from the trade date. For new municipal bond issues,
the settlement date will be specified as part of your order.
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| How do I calculate my net cost of a bond trade through S&Y Online? |
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S&Y Online clearly indicates the net price of a trade before you agree to execute any "buy" or "bid" order.
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| Can I view my transaction history with S&Y Online? |
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Yes. All transactions with S&Y Online can be viewed online after you've logged in at the "Account Center".
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| Can S&Y Online be used by non-US residents or to purchase non-US bonds? |
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No. At this time, S&Y Online can only be used by US residents to purchase US municipal securities.
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