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The process of arranging groups of underwriters responsible for placing a new issue with investors into a hierarchy. This hierarchy indicates how much of an issue each group of underwriters is placing with respect to the others. The brackets are called, from largest to smallest: bulge bracket, major bracket, minor bracket, underwriter, selling group. The second largest bracket is sometimes called the mezzanine bracket. Brackets are listed in order of size on an advertisement detailing each new issue, known as the tombstone.