Monex Securities is the Japanese company legally named Monex, Inc., established in May 1999 and headquartered in Tokyo. Its disclosed shareholder is Docomo Monex Holdings. FX PLUS belongs to this Japanese securities relationship, alongside the broker’s other investment accounts.[1]
Who can open which account
Sections ↑Account structure and eligibility
| Account | What is required | Consequence |
|---|---|---|
| Japanese securities account | Japanese residence. | People living outside Japan cannot open; later departure requires closure or trading restrictions and the appropriate procedure.Source 4 |
| FX PLUS individual | Adult applicant; securities account plus separate FX approval, documents and investment-purpose/asset questionnaire. | The FX account can be requested alongside the securities account. Approval is separate.Source 5 |
| Occupational restrictions | The FX application excludes staff of firms offering FX, people engaged in FX business and financial-intermediation work. | A securities account by itself does not establish FX eligibility.Source 5 |
| Corporate FX | Corporate securities account and FX PLUS first; then a separate application and telephone confirmation for the enhanced corporate service. | The broker can request financial statements and decline the application.Source 6 |
| Corporate account at opening | Ordinary leverage limits initially apply; corporate alerts and 100% closeout already apply. | The additional corporate application changes the permitted margin schedule, not the existence of the account.Source 7 |
What sits alongside FX PLUS
| Product/account | Published offering | Boundary |
|---|---|---|
| Japanese securities | Cash and margin shares, IPO/PO participation and Wankabu odd lots. | Domestic share dealing uses its own fee schedule.Source 35 |
| Foreign shares | US shares and Hong Kong-listed Chinese shares. | A foreign-stock account is required; Chinese shares also require the relevant activation.Source 37Source 38 |
| Funds and recurring purchases | Funds and foreign-currency MMFs; most funds support accumulation from JPY 100. | Fund costs and currency handling remain product-specific.Source 39 |
| NISA and iDeCo | Separate investment and pension account services are offered. | The NISA fee page covers eligible securities/funds; iDeCo has its own administrator and statutory charges.Source 40Source 41 |
| Exchange-traded derivatives | Nikkei 225 futures, mini/micro futures and options, plus JPX-Nikkei 400 futures. | Separate futures/options approval, collateral and contract specifications apply.Source 42 |
| Precious metals | Physical gold, platinum and silver through Monex Gold. | Dedicated metals account and cash-transfer instructions.Source 43 |
| Cryptoasset CFDs | Monex Bitcoin offers cash-settled leveraged crypto exposure. | Dedicated CFD account and MONEX TRADER CRYPTO smartphone app; this is a derivative contract.Source 44 |
| Managed investing | ON COMPASS discretionary investment service is listed. | Its mandate and charges are separate from execution-only FX PLUS.Source 45 |
FX market coverage and headline costs
Sections ↑The full FX PLUS pair menu
| Group | Currency pairs | Retail margin floor |
|---|---|---|
| Eight standard yen crosses | USD/JPY, EUR/JPY, AUD/JPY, NZD/JPY, CAD/JPY, GBP/JPY, CHF/JPY, SGD/JPY | 4%, equivalent to a maximum 25:1.Source 8Source 11 |
| Five higher-margin yen crosses | ZAR/JPY, HKD/JPY, TRY/JPY, CNH/JPY, MXN/JPY | 8%, equivalent to a maximum 12.5:1.Source 8Source 11 |
| Three dollar crosses | EUR/USD, GBP/USD, AUD/USD | 4%, equivalent to a maximum 25:1.Source 8Source 11 |
FX order and position size
| Limit | Published specification |
|---|---|
| Minimum and increment | 1,000 base-currency units in 1,000-unit increments.Source 8 |
| Per-order maximum | USD/JPY: 1 million base units; other pairs: 3 million.Source 8 |
| Account exposure | Up to 50 million base units in total positions and up to 1,500 open position records.Source 8 |
| Commission and account maintenance | Zero for FX trading and account maintenance. The spread, swaps, conversion and delivery/remittance costs are separate.Source 9 |
Published standard spreads
Margin: intraday liquidation and the daily call are different
Sections ↑Calculating trading capacity
| Component | Rule |
|---|---|
| Collateral | JPY, USD and EUR; account values are translated into the margin calculation.Source 12 |
| Eligible form | Cash only; securities and cheques are not accepted as FX collateral.Source 47 |
| Ongoing requirement | Current FX prices change both open-position profit/loss and required margin in real time. Yen fractions round upward.Source 12 |
| Hedging | For each pair, position margin uses the larger aggregate long-side or short-side requirement; pending opening orders can require additional margin.Source 12 |
| Effective leverage | No separate leverage selector for each trade. Depositing more collateral reduces effective account leverage.Source 11 |
| Enhanced corporate schedule | Published floors are 1% on standard pairs and 8% on the five higher-margin yen pairs.Source 7 |
| Corporate updates | The disclosure also applies pair-specific FFAJ currency-risk ratios, published weekly and implemented on its stated schedule; 100:1 is a ceiling.Source 47 |
Retail intraday closeout choices
What compulsory closeout actually does
| Stage | Published treatment |
|---|---|
| First threshold check | Cancels pending new orders; the system then checks again.Source 14 |
| Still at/below the selected ratio | Closes all open positions at market, without waiting for the customer to answer a notice.Source 14 |
| Execution risk | Checks use intervals selected by the firm; neither timing nor the displayed fill price is guaranteed. Loss beyond collateral must be paid.Source 14 |
| Corporate account | 100% closeout and no separate additional-margin-call system. Returning to ordinary FX rules requires closing the corporate service/FX account and reapplying.Source 6Source 7 |
Daily additional-margin obligation
| Event | Action or consequence |
|---|---|
| Daily check | At 06:55 JST standard time or 05:55 daylight time, a ratio below 100% triggers the process; cancelling new orders can itself clear the shortfall.Source 13 |
| Deadline | Normally 24:30 JST that day, subject to the banking/FX holiday timetable and the broker’s displayed deadline.Source 13 |
| Cure | Transfer enough cash into FX PLUS or close enough positions. Leaving money in the securities account does not cure the FX call.Source 13 |
| Market recovery | A later return above 100% through price movement does not clear an already-established obligation.Source 13 |
| Competing securities obligations | Stock-margin shortfalls can absorb a deposit before it becomes transferable to FX. Closing quantities for the call use the preceding trading day’s closing-price basis.Source 13 |
| Unresolved by deadline | The broker may liquidate every remaining position; check the shortfall field rather than relying on email.Source 13 |
Orders, trading hours and software
Sections ↑Order functions with meaningful differences
| Order | Operational point |
|---|---|
| Fast order | Customer-set slippage tolerance; the published initial setting is 3 pips. An overly narrow allowance can cause rejection.Source 16 |
| Smartphone market order | No slippage allowance; the order-types page makes this separate market-order function smartphone-only.Source 15 |
| Limit and stop | Ordinary limits execute at their specified price; stops can fill worse. Opening-rate rules create an explicit exception for limits.Source 15Source 17 |
| Trailing / IFD / OCO / IFDOCO | Supported combined or conditional instructions; triggered stops retain slippage risk.Source 15 |
| Quick order | Selects entry/closure automatically, can reverse exposure and closes eligible positions LIFO, newest first. Existing exit orders can be cancelled.Source 15 |
| Bulk close | Cancels existing closing orders first; they remain cancelled even if the bulk-close instruction subsequently fails.Source 15 |
| Gap through a combined order | At reopening, an entry can execute at the opening quote and its linked exit at the next quote. A planned profit does not establish the eventual result.Source 17 |
Normal dealing schedule
| Clock basis | Trading week | Daily processing |
|---|---|---|
| US standard time; JST displayed | Monday 07:00–Saturday 06:55 | Tuesday–Saturday 06:55–07:10.Source 18 |
| US daylight time; JST displayed | Monday 07:00–Saturday 05:55 | Tuesday–Saturday 05:55–06:10.Source 18 |
| During daily processing | Pending orders may be cancelled. | New orders and amendments are unavailable; separate maintenance can also interrupt service.Source 18 |
FX platform comparison
| Platform | Published functions | Access distinction |
|---|---|---|
| MonexTraderFX | Browser-based Windows/Mac tool, 29 indicators, 19 drawing tools, comparison charts, chart orders and layouts saved on the server. | No installation; detailed trade history and reports inside the tool.Source 30 |
| MonexTraderFX smartphone | Two/four-chart views, quick dealing, economic calendar and event push notifications. | Charts and push features are available without an account; this is not evidence of a funded demo account.Source 31 |
| FX PLUS WEB browser | Technical charts, bid/ask email price alerts and swap calendar. | Single sign-on from the securities account; the other two FX tools use their separate login workflow.Source 32Source 29 |
Research and legacy-service checks
| Service | Current relevance |
|---|---|
| FX information | Economic calendar, policy-rate data, Yoshida commentary, FISCO analysis, FXi24 email news and an employment-report live seminar. Some services require a securities login.Source 33 |
| AutoRail | The broker’s FAQ says the automated repeat-order service ended on 9 July 2022. It should not be sold as a current FX PLUS facility.Source 34 |
| Historical Monex MT4 | The corporate history records termination in November 2014. The current platform menu should govern a platform comparison.Source 2 |
Swaps and the three cash currencies
Sections ↑Overnight financing and availability
| Question | Published answer |
|---|---|
| When swaps arise | Rollover occurs after the New York close: approximately 07:00 JST standard/06:00 daylight. Settlement holidays change the number of days.Source 19 |
| When swaps become cash | Normally when the position is closed. Unsettled swaps contribute to trading capacity but cannot be withdrawn separately.Source 20 |
| Rate used | The FX PLUS browser swap calendar provides current amounts. Receipt/payment and future amounts can change; a published positive swap is not a fixed yield.Source 19Source 47 |
| Currency of dollar-cross profits | EUR/USD, GBP/USD and AUD/USD realised profits become USD collateral. Conversion to JPY is required before a securities-account transfer.Source 21 |
Conversion instructions and automated deficits
| Situation | Cash effect |
|---|---|
| Manual conversion | JPY, USD and EUR can be exchanged internally; only settled balances are eligible, normally after two business days.Source 21 |
| Price and acceptance | The conversion quote adds/subtracts 20 points to the real-time rate. It expires after 20 seconds; an accepted instruction cannot be cancelled.Source 21 |
| Negative currency at settlement | Automatic conversion runs from 10:00 JST. A same-day cash transfer or manual conversion does not remove the scheduled automatic operation.Source 21 |
| Duplicate conversion risk | The broker warns against manual conversion on that settlement day: automatic conversion can still duplicate it and create a new negative balance.Source 21 |
Physical currency delivery
| Item | Published rule |
|---|---|
| Scope | USD, EUR and JPY; 1,000-unit increments. The entire selected position must be delivered, not only part of it.Source 22 |
| Funding and settlement | Full currency consideration plus charges is required. Delivery uses the original entry price and normally arrives two business days after instruction.Source 22 |
| 1,000–9,000 units | JPY 2,000 per 1,000 currency units.Source 9 |
| 10,000 units or more | JPY 200 per 1,000 currency units.Source 9 |
| External foreign-currency payment | An additional JPY 2,000 per withdrawal; receiving-bank charges may apply.Source 9 |
| Destination and reuse | Cash is credited on the FX ledger; foreign balances earn no interest and cannot transfer as foreign currency into the securities account.Source 22 |
Funding and withdrawing without confusing the ledgers
Sections ↑JPY funding and transfers
| Route | Timing or cost | Operational boundary |
|---|---|---|
| Supported instant bank deposit | Normally immediate and free. | First credits the securities account.Source 26 |
| Ordinary bank transfer | Customer pays bank fee; normally reflected within 15 minutes. | If receipt is not confirmed by 15:00, credit can move to the following business day.Source 26 |
| Securities → FX PLUS | An accepted transfer immediately adds trading capacity. | History books next business day for 00:00–19:00, or two business days later after 19:00.Source 24 |
| FX PLUS → securities | Immediately reflected in securities purchasing power when accepted. | Same-day booking before 19:00, next business day afterward. A newly deposited FX transfer cannot simply return until the following business day.Source 24 |
| Released collateral versus profit | Already-settled JPY collateral released by closing can normally return immediately. | Trading profit is transferable only once settlement arrives; newly transferred collateral can have a separate next-day wait.Source 25 |
| Transfer maintenance | Dedicated interruptions include approximately 02:00–02:02 and a roughly 20-minute window within 03:00–05:00 JST. | Daily FX processing, Sunday 00:00–06:00 and the published afternoon maintenance also restrict transfers.Source 28 |
Bank withdrawals and foreign currency
| Instruction | Charge / minimum | Process |
|---|---|---|
| Normal JPY withdrawal | Free broker charge. | Normally next or second bank business day according to instruction timing.Source 26 |
| Instant JPY withdrawal | JPY 330 per instruction; waived for registered SBI Shinsei or AEON destinations. | Requires an eligible bank and available settled securities-account cash.Source 26Source 27 |
| USD/EUR FX deposit | Sending-bank fees paid by customer; Monex bears its receiving-bank fee. | Arrange through the broker’s telephone channel and designated account.Source 9 |
| USD/EUR FX withdrawal | JPY 2,000 per request; minimum USD 100 or EUR 100. | Domestic bank foreign-currency account; broker pays sending-bank costs, receiving-bank charges remain possible.Source 9 |
| Foreign-currency ledger separation | USD/EUR in FX PLUS cannot directly buy US shares or foreign MMFs. | Withdraw to an eligible bank or convert to JPY for a securities transfer.Source 23 |
| Foreign processing time | Disclosure: normally several days to approximately one week. | Request the form by telephone, return it by post; the FAQ schedules remittance for the third business day after receipt.Source 47Source 23 |
| Foreign-remittance fee collection | The JPY 2,000 charge is debited from the securities account. | Without enough cash there to collect the fee, the foreign-currency payment cannot proceed.Source 23 |
| Uncleared negative currency | A negative balance can block withdrawals, including until the automatic conversion batch has completed. | A positive overall account value does not override the currency-level restriction.Source 24 |
Instant withdrawal limits and linked payments
| Route | Published limit | Condition |
|---|---|---|
| Ordinary eligible bank | JPY 1,000–1 million per instruction; JPY 2 million and three instructions per day. | Weekends share the applicable daily limit; bank maintenance can delay availability.Source 27 |
| SBI Shinsei or AEON | From JPY 100; up to JPY 5 million per day and three instructions. | The registered destination must qualify for this service.Source 27 |
| d-barai cash balance | JPY 1,000–100,000 per instruction, three per day; no fee. | Requires the linked d-account, verified cash-balance wallet and passkey login; it shares the instant-withdrawal daily ceiling.Source 27 |
Wider-product costs: why one account is not one tariff
Sections ↑Selected Japanese stock commissions, including tax
| Cash order value | Per-order course |
|---|---|
| Up to JPY 50,000 | JPY 55Source 35 |
| Over JPY 50,000–100,000 | JPY 99Source 35 |
| Over JPY 100,000–200,000 | JPY 115Source 35 |
| Over JPY 200,000–500,000 | JPY 275Source 35 |
| Over JPY 500,000–1 million | JPY 535Source 35 |
| Over JPY 1 million–1.5 million | JPY 640Source 35 |
| Over JPY 1.5 million–30 million | JPY 1,013Source 35 |
| Over JPY 30 million | JPY 1,070Source 35 |
Overseas and smaller-share purchases
| Service | Selected published cost | Qualification |
|---|---|---|
| US cash shares | 0.495% including tax; maximum USD 22 per order. | The zero minimum applies only to very small rounded commissions; sales also incur the stated local regulatory fee.Source 37 |
| US-stock currency conversion | JPY → USD: no explicit conversion commission; USD → JPY: JPY 0.25 per USD. | Market bid/ask spread remains. Real-time foreign-currency dealing and once-daily yen settlement have different execution times.Source 37 |
| Hong Kong-listed Chinese shares | 0.275% including tax; minimum HKD 49.5, maximum HKD 495. | Hong Kong-dollar exposure; separate Chinese-share activation is required.Source 38 |
| Wankabu odd lots | Buy commission zero; sell 0.55%, minimum JPY 52 including tax. | NISA buys/sells are effectively free under its rebate/fee arrangements.Source 36 |
Funds, tax wrappers and other contracts
| Product | Cost and service detail |
|---|---|
| NISA | Eligible Japanese, US and Chinese share domestic dealing fees and fund purchase charges are zero. US sale levies and fund holding/exit costs remain; IFA tariffs differ. This describes the offered account, not individual tax eligibility.Source 40 |
| Investment funds | Purchase application charges are zero; most funds accept JPY 100 accumulation. Product management costs are separate.Source 39 |
| Card accumulation | The broker supports eligible d Card, Monex Card and JCB-card fund accumulation. Card, holding and campaign eligibility determines points; a maximum advertised reward is not a universal return.Source 46 |
| iDeCo | Monex operating fee: zero. The current page lists JPY 2,829 enrolment/transfer-in and JPY 171 monthly for contributors, or JPY 66 for non-contributing holders; fund costs remain. It flags a pension-federation fee change from January 2027.Source 41 |
| Nikkei futures/options | Per contract: Nikkei mini JPY 38.5, micro JPY 11, full-sized future JPY 275. Nikkei options: 0.198%, minimum JPY 198; mini-options minimum JPY 19.8.Source 42 |
| Bonds and metals | Bonds have no separate stated dealing commission, with FX costs on foreign-currency bonds. Monex Gold purchase commission is 1.65% including tax.Source 42 |
| Cryptoasset CFDs | Maximum 2:1 leverage; normally available through weekends apart from maintenance. No dealing commission, but overnight positions attract the published leverage charge.Source 44Source 42 |
Additional operational services
| Service | Useful distinction |
|---|---|
| Gold withdrawal | Physical gold withdrawal starts at 100 g. Telephone requests resumed on 31 August 2026; web requests remain suspended. Platinum/silver withdrawal and overseas delivery are unavailable.Source 43 |
| Metals accumulation | Gold, platinum and silver spot/regular purchases start from JPY 1,000. Automatic securities-to-metals funding is optional and initially off.Source 43 |
| Bank sweep | The linked Docomo SMTB Net Bank sweep funds eligible securities purchases; it is not a substitute for explicitly transferring FX collateral.Source 26Source 24 |
| Domestic share lending and analytical tools | The service catalogue includes share lending, security-screening tools and portfolio services. Their securities terms do not establish copy trading or an FX execution API.Source 45 |
Protection, failures and recourse
Sections ↑What the protection statements cover
| Arrangement | Scope |
|---|---|
| FX trust | The current trust page names Sumitomo Mitsui Trust Bank or Japan Securities Finance Trust Bank for segregated client-margin trusts. It includes cash plus trading and swap valuations.Source 48 |
| Investor-protection fund | Eligible securities/cash can be covered up to JPY 10 million per customer if failure and deficient segregation prevent return. FX PLUS, cryptoasset OTC derivatives and Monex Gold are expressly excluded.Source 49 |
| Trading deficit | The FX disclosure allows losses beyond deposited funds. Segregation does not insure market losses or guarantee a closeout price.Source 47 |
| Outages | The policy provides notices and alternative handling where practicable; connection and execution delays can occur. Its OTC incident-publication criteria do not promise uninterrupted dealing.Source 52 |
Support channels
| Need | Published access |
|---|---|
| FX account and execution enquiry | 0120-911-440 from fixed lines or 03-6737-1668; weekdays 08:00–17:00 JST. The night extension listed on the site is specifically US-stock support.Source 50 |
| Live chat | Weekdays 08:30–16:30 JST for general help; it cannot answer identity-verified account questions or give transaction guidance.Source 50 |
| Login or payment administration | Separate login/procedure desk and online forms; callback slots are available subject to capacity.Source 50 |
| External dispute route | The agreements page records the broker’s procedure agreement with FINMAC, the Securities and Financial Instruments Mediation Assistance Center.Source 51 |
The clearest operational distinction is the separation of securities cash, FX collateral and foreign-currency balances. A cheap FX spread does not determine the cost of delivering currency or the time required to make that money available for another product.
Company background & evidence
Sections ↑- Headquarters
- Tokyo, Japan
- Founded
- May 1999
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
Monex, Inc. (マネックス証券株式会社)
JapanSource 1
| Issuer & identifier | Recorded status | Date & scope |
|---|---|---|
| Financial Services AgencyKanto Local Finance Bureau (Kinsho) No. 165 | Authorised | Checked 10 Oct 2026Named Japanese entity appears in the official register.Source 3 |
Sources & further reading
- Company profile Monex Securities · Accessed 10 Oct 2026
- Corporate and product history Monex Securities · Accessed 10 Oct 2026
- Financial instruments business operators register Financial Services Agency · Accessed 10 Oct 2026
- Nonresident account restrictions Monex Securities · Accessed 10 Oct 2026
- FX PLUS account application Monex Securities · Accessed 10 Oct 2026
- Corporate FX account application Monex Securities · Accessed 10 Oct 2026
- Corporate and individual FX account differences Monex Securities · Accessed 10 Oct 2026
- Currency pairs and trading units Monex Securities · Accessed 10 Oct 2026
- FX trading, remittance and delivery charges Monex Securities · Accessed 10 Oct 2026
- FX PLUS spreads and disclosure period Monex Securities · Accessed 10 Oct 2026
- FX leverage and pair-specific margin Monex Securities · Accessed 10 Oct 2026
- Collateral currencies and required-margin calculation Monex Securities · Accessed 10 Oct 2026
- Additional-margin procedure and deadlines Monex Securities · Accessed 10 Oct 2026
- Automatic closeout and alert thresholds Monex Securities · Accessed 10 Oct 2026
- Order types and platform availability Monex Securities · Accessed 10 Oct 2026
- Slippage and execution exceptions Monex Securities · Accessed 10 Oct 2026
- Execution at the opening rate Monex Securities · Accessed 10 Oct 2026
- FX dealing and system-processing hours Monex Securities · Accessed 10 Oct 2026
- Rollover and swap accounting Monex Securities · Accessed 10 Oct 2026
- Using and withdrawing unsettled swaps Monex Securities · Accessed 10 Oct 2026
- Currency conversion and automatic deficit conversion Monex Securities · Accessed 10 Oct 2026
- Cash settlement and physical currency delivery Monex Securities · Accessed 10 Oct 2026
- Foreign-currency FX collateral and securities transfers Monex Securities · Accessed 10 Oct 2026
- FX PLUS deposits and account transfers Monex Securities · Accessed 10 Oct 2026
- Availability of funds after closing an FX position Monex Securities · Accessed 10 Oct 2026
- Securities-account deposit and withdrawal services Monex Securities · Accessed 10 Oct 2026
- Bank withdrawal instructions and timetable Monex Securities · Accessed 10 Oct 2026
- Service and transfer maintenance hours Monex Securities · Accessed 10 Oct 2026
- FX trading platform overview Monex Securities · Accessed 10 Oct 2026
- MonexTraderFX browser platform Monex Securities · Accessed 10 Oct 2026
- MonexTraderFX smartphone application Monex Securities · Accessed 10 Oct 2026
- FX PLUS WEB browser functions Monex Securities · Accessed 10 Oct 2026
- FX research, calendar and news services Monex Securities · Accessed 10 Oct 2026
- AutoRail service termination Monex Securities · Accessed 10 Oct 2026
- Japanese share commission schedules Monex Securities · Accessed 10 Oct 2026
- Wankabu odd-lot share fees Monex Securities · Accessed 10 Oct 2026
- US cash-equity fees and currency conversion Monex Securities · Accessed 10 Oct 2026
- Hong Kong-listed Chinese share service Monex Securities · Accessed 10 Oct 2026
- Investment funds and regular purchases Monex Securities · Accessed 10 Oct 2026
- NISA dealing and fund costs Monex Securities · Accessed 10 Oct 2026
- iDeCo administration and third-party charges Monex Securities · Accessed 10 Oct 2026
- Wider product fees Monex Securities · Accessed 10 Oct 2026
- Physical precious metals and withdrawal availability Monex Securities · Accessed 10 Oct 2026
- Monex Bitcoin cryptoasset CFDs Monex Securities · Accessed 10 Oct 2026
- Product and service catalogue Monex Securities · Accessed 10 Oct 2026
- Credit-card fund accumulation Monex Securities · Accessed 10 Oct 2026
- FX PLUS pre-contract disclosure Monex Securities · Accessed 10 Oct 2026
- FX client-money trust protection Monex Securities · Accessed 10 Oct 2026
- Investor-protection fund scope and exclusions Monex Securities · Accessed 10 Oct 2026
- Customer support channels and service times Monex Securities · Accessed 10 Oct 2026
- Trading agreements and dispute-resolution arrangement Monex Securities · Accessed 10 Oct 2026
- Trading-system outage procedures Monex Securities · Accessed 10 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.