Rather than record every share purchase on behalf of a client in separate designated accounts with a settlement system, a broker may operate a nominee instead.
Rather than record every share purchase on behalf of a client in separate designated accounts with a settlement system, a broker may operate a nominee instead.
This means the holdings of many clients in a particular stock are aggregated and recorded as one. This cuts down on administration and reduces the volume of paperwork received by the client. However any client may specify that they want their holdings segregated and recorded separately.
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