Do you have a citation for this? I found an relatively old FINRA document that sort of seemed to say the opposite, but it wasn’t obviously in reference to stocks and I think it also predated Dodd-Frank.
> Brokers cannot use client money to satisfy their clearing fund obligation. So whether or not the accounts had a settled balance didn't matter - as you can see from the other brokers which halted buys and did not have "instant transfers".
