A broker dealer that acts as clearing agent in connection with a municipal securities transaction. In addition to handling its own transactions, a clearing broker can provide clearing agent services to other broker dealers, such as introducing brokers.
A clearing broker may provide such back office and related recordkeeping functions on either a fully disclosed or omnibus basis. In a “fully disclosed” relationship, the introducing broker must disclose the identity and other relevant information regarding the client to the clearing broker.
In an “omnibus” relationship, the identity and other relevant information regarding the client is maintained by the introducing broker or other broker dealer that uses the services of the clearing broker dealer and is not disclosed to the Clearing Broker Dealer Definition
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