Morgan Stanley Online Trade Restrictions
[Pages:5]Morgan Stanley Online Trading
Availability & Restrictions
Depending upon your account, Morgan Stanley Online and Morgan Stanley Mobile permit trading of Stocks, Exchange-Traded Funds, Options and Mutual Funds. This document details online and mobile trading availability, limits and restrictions and is subject to change. It is organized by your account type. Please click your account type for information specific to you:
Morgan Stanley Access Direct Regular Brokerage Account Choice Select Account Consulting Group Advisory
Morgan Stanley Access Direct
Securities Most US equities
Most US ETFs Inverse/Leveraged ETFs
Preferred Stock Stock priced < $2 OTC Stock priced < $5 (excludes ADRs) OTC Caveat Emptor OTC Pink Sheet - No Information OTC Grey Market (excludes ADRs)
Options Mutual Funds Transactions
Buy Stock Sell Stock Short Sell Stock Buy Mutual Fund Sell Mutual Fund Exchange Mutual Fund Trade Limits
Stock/ETF not permitted
Mutual Fund not permitted
Morgan Stanley Access Direct
Sell only Not available Not available Not available Not available Not available Not available Not available
Morgan Stanley Access Direct
Not available 1:1 Only Morgan Stanley Access Direct Purchases blocked at > $500,000 or >25,000 shares Purchases blocked at > $100,000
Regular Brokerage Account
Securities Most US equities
Most US ETFs Inverse/Leveraged ETFs
Preferred Stock Stock priced < $2 OTC Stock priced < $5 (excludes ADRs) OTC Caveat Emptor OTC Pink Sheet - No Information OTC Grey Market (excludes ADRs)
Mutual Funds 1Options1
Transactions Buy Stock Sell Stock
Short Sell Stock Buy to Cover Stock Write Covered Calls Buy to Open Call/Put Sell to Open Call/Put Multi-legged Options Close Option Position
Trade Limits Stock/ETF approval by branch
Stock/ETF not permitted Opening Options Orders ? approval by branch
Opening Options Orders ? not permitted
Regular Brokerage
Sell only Not available online Not available online Not available online Not available online Not available online Not available online Not available online
Regular Brokerage
Not available online Not available online Not available online Regular Brokerage Buys >25,000 Shares or $500,000 Buys >50,000 Shares or $1,000,000 >50 Contracts > $500,000
1 Options trading is subject to appropriate Options Agreement with firm.
Choice Select Account
Securities Most US equities
Most US ETFs Inverse/Leveraged ETFs
Preferred Stock Stock priced < $2 OTC Stock priced < $5 (excludes ADRs) OTC Caveat Emptor OTC Pink Sheet - No Information OTC Grey Market (excludes ADRs)
Mutual Funds 2Options2
Transactions Buy Stock Sell Stock
Short Sell Stock Buy to Cover Stock Write Covered Calls Buy to Open Call/Put Sell to Open Call/Put Multi-legged Options Close Option Position
Trade Limits Stock/ETF approval by branch
Stock/ETF not permitted Opening Options Orders ? approval by branch
Opening Options Orders ? not permitted
Choice Select
Sell only
Not available online Not available online Not available online Not available online Not available online Not available online
Choice Select
Not available online Not available online Not available online Choice Select Buys >25,000 Shares or $500,000 Buys >50,000 Shares or $1,000,000 >50 Contracts > $500,000
2 Options trading is subject to appropriate Options Agreement with firm.
Consulting Group Advisory Account
Securities Most US equities
Most US ETFs Inverse/Leveraged ETFs
Preferred Stock Stock priced < $2 OTC Stock priced < $5 (excludes ADRs) OTC Caveat Emptor OTC Pink Sheet - No Information OTC Grey Market (excludes ADRs)
Mutual Funds 3Options2
Transactions Buy Stock Sell Stock
Short Sell Stock Buy to Cover Stock Write Covered Calls Buy to Open Call/Put Sell to Open Call/Put Multi-legged Options Close Option Position
Trade Limits Stock/ETF approval by branch
Stock/ETF not permitted Opening Options Orders ? approval by branch
Opening Options Orders ? not permitted
Consulting Group Advisory
Sell only
Not available online Not available online Not available online Not available online Not available online Not available online
Consulting Group Advisory
Not available online Not available online Not available online Not available online Consulting Group Advisory Buys >25,000 Shares or $500,000 Buys >50,000 Shares or $1,000,000 >50 Contracts > $500,000
3 Options trading is subject to appropriate Options Agreement with firm. ? 2020 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 2893847 01/2020
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