Try SAC Lite

1. SAC Lite is meant for retail investors, including financial advisors trading on behalf of their retail clients. SAC reserves the right to reject any SAC Lite order or series of orders if SAC determines the order(s) appear to show non-retail trading behavior. At the time an order is rejected, the client will be automatically presented the option to resubmit the rejected order on a Fixed commission basis.
2. Where available in North America.
3. Accounts with a NAV of less than USD 100,000 (or equivalent) will be paid at a rate proportional to accounts with a NAV of USD 100,000 (or equivalent) or more. The proportion is determined by the ratio of the account's NAV to USD 100,000 (or equivalent). This does not apply to currencies with negative interest rates, where the negative rate applied will be the same regardless of account size. See our Interest Rates for details.
4. See our Margin Rates for details.
5. US Retail Investors includes individuals, joint, UGMA/UTMA, retirement and trust accounts.
   1. Standalone trust accounts with legal entity trustees are not eligible for SAC Lite
6. Institutional Accounts are defined as any hedge funds, proprietary trading group or organizational type accounts
7. Advisors include all registered financial advisors and non-registered financial advisors.
8. To be eligible for SAC Lite, advisors must be US domiciled and must have:
   1. Less than 15% of client accounts outside the US
   2. Less than 15% of client equity outside the US
   3. Less than 15% of client accounts as organization accounts
   4. No client accounts from Israel
   5. No partitioned client accounts
   6. No Separate Trading Limits (Proprietary Trading) accounts
9. Brokers require special approval from SAC before opening an SAC Lite account. Brokers cannot have both SAC Lite and SAC Pro clients under the same account structure. Separate accounts structures are required to facilitate.
10. Brokers on the SAC Lite plan cannot support the following type of client sub accounts:
    1. Israel is the country of legal residence of the account holder
    2. Partitioned client accounts
    3. Three-tier hierarchies (no advisor or STL proprietary trading accounts)
    4. OMS clients
11. Regular trading hours for SAC Lite and SAC Pro are 09:30 �?16:00. Market orders placed prior to regular trading hours will be treated as MarketOnOpen orders and count towards client threshold.
12. At the end of each month, SAC will review the total monthly trading volume of US listed stock orders. If the combined volume of OnClose, OnOpen, Outside Regular Trading Hours ("Outside RTH") or sub-USD 1.00 NMS exceeds 10% of an account's monthly US stock trading volume, a commission of the lesser of USD 0.005 per share or 1% of trade value will be charged.

• * Excludes pink sheet data.
• **SAC Professional Workstation (TWS) is not available to Brokers' clients enrolled in SAC Lite.
• �?Fees may apply.

We understand your investment needs change over time. You can switch between the SAC Lite and SAC Pro plan at any time. Your first three reclassifications are processed on a daily basis while subsequent reclassifications happen on a quarterly basis.