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Investing Glossary:
Give up
Copyright 2010,
Campbell R. Harvey. All Rights Reserved.
Do not reproduce without explicit permission.
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| Term: |
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| Definition: |
| Used for listed Equity securities. (1) Term used in a securities Transaction involving three brokers, as follows: Broker A, a Floor broker, executes a Buy order for broker B (a member Firm broker who has too much business at the time to execute the order). The broker with whom broker A completes the transaction (the sell-side broker) is broker C. Broker A "gives up" the name of broker B, so that the record shows a transaction between broker B and broker C even though the Trade is actually executed between broker A and broker C; (2) Distribution of commissions to brokerage houses not participating in a trade. This is a grey area of the law governing Reimbursement of a broker for services (e.g., research). See: Directed brokerage.
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