Rule 15a-6

Access to the largest capital market in the world.

Enclave Capital enables non-U.S. financial institutions to access the largest capital market in the world. The combined market capitalization (total dollar value of all stocks) of public companies traded in the U.S. is nearly $16 trillion; more than the next six largest non-U.S. markets combined. Within the US, the largest investment funds are focused globally. U.S. companies invest over $400 billion per year overseas.

Violating U.S. Broker Rules is Costly

Firms based outside of the U.S. are subject to heavy fines from the SEC for violating federal securities laws by providing cross-border brokerage and investment advisory services to U.S. clients without first entering into a 15a-6 relationship with a U.S. broker, such as Enclave. Both large and small financial services firms have been charged with providing brokerage services to institutional investors without being registered with the SEC or establishing a 15a-6 relationship, and have faced multi-million dollar settlements.

Enclave Provides an Immediate Solution for Unregistered Firms

Registering and operating a U.S. broker-dealer is costly and time-consuming. Typically, the process of registering a foreign broker takes up to a year, and involves expenses up to $1,000,000. After the initial registration, regulatory and annual running costs can easily exceed $500,000 per year, including the cost of hiring a Chief Compliance Officer and at least one Series 24 registered representatives. Once the broker-dealer license is granted, it will take months to open institutional accounts and operate. With Enclave, you are able to access institutional accounts immediately while operating under your own brand.


The U.S. is the largest and most developed capital market in the world.