How do I close a worthless position?

Account holders maintaining a long security position (e.g. stock or bond) that is worthless but has not yet been cancelled by the depository may submit a request to have that security removed from their account via a process referred to as Dollar for Lot.  Here, MEXEM will take over the worthless position for a nominal payment of USD 1.00 as consideration. An automated process is in place for account holders to close eligible worthless security positions through TWS. If a ticker symbol has "(DOLLR4LOT)" following it in TWS, it is eligible for closing in TWS. Currently this only applies to long US stock positions. From TWS enter a closing order by either right-click and select "Close", or create a Sell order. A pop-up box will appear with a link to the "Dollar for Lot" Acknowledgement. After electronically signing the Acknowledgement, then transmit the order. An "alert" window will appear on the right side of the screen stating that the transaction "is irrevocable."

Check the box confirming understanding, and then click Accept and Continue. Order execution will occur from 4am-8pmEST, Monday-Friday (US).
There are no commissions on the order. For positions that are not followed by "(DOLLR4LOT)", a Special Position Liquidation Agreement will need to be submitted. The Special Position Liquidation Agreement which must be completed to request this is available through the Customer Service documents found on our website. You can return the completed form to MEXEM through the Upload Documents tool. Please note, attachment size must not exceed 25MB.

Other items of note:
As the position is worthless, MEXEM will only pay the USD 1.00 for all shares or units, regardless of the number (i.e., the position cannot be submitted in numerous lots);
This service is not provided for futures contracts;
This service is not provided for short positions;

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