Business, Legal & Accounting Glossary
A system that allows one brokerage firm or bank to electronically transfer assets of a customer’s account to another brokerage firm or bank. This service offers brokerage firms and banks a more efficient and standardized way of transferring assets to other institutions. Brokerage firms must be members of the National Securities Clearing Corporation (NSCC) and banks must be members of the Depository Trust & Clearing Corporation (DTC) to be eligible for the service.
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This glossary post was last updated: 19th November, 2021 | 0 Views.