回复@Andy1Li: 关键词难道不应该是ratably?  SIPA substantially alters the rights of unsecured creditors, giving customers with unsecured claims priority over other unsecured creditors in distributions of customer property.1 (SIPA generally does not alter the rights of secured creditors who have rights under the Bankruptcy Code.) While customers have a preferential claim to customer property, they rank pari passu with general creditors as to the distribution of other assets of the failed firm.//@Andy1Li:回复@pegcap:these securities (fully paid securities) 算是客户资产，不涉及偿还优先级。关键词： as a return of customer property