If you get holding statements, as you do with Comsec an eTrade, then you have segregated holdings and they are safe. Conceptually, you could lose on a trade if you were unlucky enough to have it still in "back office" when the plug was pulled.
Opes Prime was a "pooled" account, as was Sonray which was also defrauded. More dangerous.
online brokerage. is it safe?, page-7
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