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Omnibus Customer Securities Accounts
An Omnibus Customer Securities Account is a securities account used by a brokerage firm or its affiliated clearing firm in order to maintain appropriate custody of underlying securities for the purpose of satisfying the custody obligations of the broker-dealer towards its customers. Article 8 of the Uniform Commercial Code provides for a standard settlement procedure for securities transfers to be effected by book entry when the underlying securities are registered in the name of the designated nominee of a securities intermediary. Article 8 also provides for multiple book-entry systems to act together to form a heavily-intermediated securities holding chain known as an Indirect holding system The indirect holding system (also multi-tiered holding system) is a system of security (finance), securities clearance, settlement and ownership system where ownership information is held electronically as a book entry. It consists of one or more .... The term "Omnibus Account" is used by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities Account
A securities account sometimes known as a brokerage account is an account that holds financial assets such as securities on behalf of an investor with a bank, broker or custodian Custodian may refer to: Occupations * Janitor, a person who cleans and maintains buildings * Goalkeeper, in association football * Fullback, in rugby, also called a sweeper * Legal guardian or conservator, who may be called a custodian in some .... Investors and traders typically have a securities account with the broker or bank they use to buy and sell securities. Securities accounts can be of different types, such as a share account, options account, margin account or cash account. Securities accounts are typically treated as client funds, keeping them separate from the firm's funds. This separation meets the financial regulations of most countries. References Securities (finance) Stock market {{Finance stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brokerage Firm
A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confused with that of an agent—one who acts on behalf of a principal party in a deal. Definition A broker is an independent party whose services are used extensively in some industries. A broker's prime responsibility is to bring sellers and buyers together and thus a broker is the third-person facilitator between a buyer and a seller. An example would be a real estate or stock broker who facilitates the sale of a property. Brokers can furnish market research and market data. Brokers may represent either the seller or the buyer but generally not both at the same time. Brokers are expected to have the tools and resources to reach the largest possible base of buyers and sellers. They then screen these potential buyers or sellers for the perfe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Broker-dealer
In financial services, a broker-dealer is a natural person, company or other organization that engages in the business of trading securities for its own account or on behalf of its customers. Broker-dealers are at the heart of the securities and derivatives trading process. Although many broker-dealers are "independent" firms solely involved in broker-dealer services, many others are business units or subsidiaries of commercial banks, investment banks or investment companies. When executing trade orders on behalf of a customer, the institution is said to be acting as a broker. When executing trades for its own account, the institution is said to be acting as a dealer. Securities bought from clients or other firms in the capacity of dealer may be sold to clients or other firms acting again in the capacity of dealer, or they may become a part of the firm's holdings. In addition to execution of securities transactions, broker-dealers are also the main sellers and distributors of mut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Commercial Code
The Uniform Commercial Code (UCC), first published in 1952, is one of a number of Uniform Acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States. While largely successful at achieving this ambitious goal, some U.S. jurisdictions (e.g., Louisiana and Puerto Rico) have not adopted all of the articles contained in the UCC, while other U.S. jurisdictions (e.g., American Samoa) have not adopted any articles in the UCC. Also, adoption of the UCC often varies from one U.S. jurisdiction to another. Sometimes this variation is due to alternative language found in the official UCC itself. At other times, adoption of revisions to the official UCC contributes to further variation. Additionally, some jurisdictions deviate from the official UCC by tailoring the language to meet their unique needs and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indirect Holding System
The indirect holding system (also multi-tiered holding system) is a system of security (finance), securities clearance, settlement and ownership system where ownership information is held electronically as a book entry. It consists of one or more tiers of intermediaries between issuer and investor. It is an evolution from the "direct holding system" in which owners of securities had a direct relationship with the issuer. The system is made up of various tiers, often with an increasing number of entries involved in each of the tiers. The top tier comprises "national" and "Central securities depository, international central securities depositories" (CSDs), where large pools of securities of different issuers are immobilized or otherwise concentrated. The next tier consists of a limited number of financial institutions, stockbroker, brokers, depositories and other professional investors who have direct contractual relationships with the CSDs and who hold their interests in securi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
