@Alon @ryanlcooper just make sure that brokerage accounts don’t blur into payment accounts and let them be at risk. you don’t have “runs” on brokers: the brokerage doesn’t hold mismatched assets on its own balance sheet financed by client accounts. when the liabilities run, well-matched assets go with. other things get more complicated in investment banking, esp standing btw derivative counterparties, but simple brokerage isn’t runnable.