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GLOSSARY: Enter search term:
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Glossary Term: CORRESPONDENT

Definition(s) for CORRESPONDENT:


1. ) a financial organization such as securities firm or a bank that regularly performs services for another firm that does not have the requisite facilities or the access to perform the services directly. For example, a member of a securities exchange may execute a trade for a nonmember firm.

2. ) A securities firm, bank or other financial organization that regularly performs services for another in a place or market to which the other does not have direct access. Securities firms may have correspondents in foreign countries or on exchanges of which they are not members. Correspondents are frequently linked by private wires. Member organizations of the NYSE with offices in New York City may also act as correspondents for out-of-town member organizations that do not maintain New York offices.


See Also:
CORRESPONDENT BANK, CORRESPONDENT BANK, CORRESPONDENT BANK


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