member firm

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Member firm

Used for listed equity securities. Brokerage firm that has at least one membership on a major stock exchange even though, by exchange rules, the membership in the name of an employee and not of the firm itself.

Member Firm

A broker-dealer firm in which at least one of the principal officers is allowed to trade on the floor of an exchange. To become a member, one needs to purchase a membership or a seat on the exchange, which can be very expensive. There are usually a set number of memberships to an exchange; for example, on the New York Stock Exchange, there are 1,366 seats, which may cost up to $1 million each, and which may be bought or sold to different firms. Most exchanges do not recognize member firms, only individual members; that is, they consider members to be the brokers or dealers on the floor, rather than the firms they represent.

member firm

A securities firm with officers or partners who are members of an organized securities exchange. National brokerage firms are generally members of a number of organized exchanges. Organized exchanges have established standards of conduct and financial conditions. See also ABC Agreement.
References in periodicals archive ?
While there is no single model, alliances generally share some common characteristics: There is usually an umbrella membership organization that does not provide professional services to the public, but rather is involved, at varying degrees, in the activities and interaction of its member firms.
19 /PRNewswire/ -- Deloitte Touche Tohmatsu (DTT) today released its 2005 worldwide member firm review, which reports aggregate member firm financial results for fiscal 2005 and also articulates a new strategic direction for DTT member firms.
However, SECPS member firms made it clear that the AICPA should play an important role for them in the new regulatory environment by representing public company audit firms before the SEC and PCAOB, keeping them abreast of issues, and maintaining a peer review program for the firms' non-issuer practices that enables them to meet their state licensing, federal regulatory and AICPA membership requirements.
Member Firms Will Enjoy Packaged Offerings Designed Specifically for Legal Community
In keeping with its mission to serve as a comprehensive resource for member firms, the GAQC Web site offers relevant technical and practice management information through a convenient online source.
We want to create a situation where we can provide private equity firm principals with a relationship partner, or partners, who know how to quickly and efficiently access the resources of all Grant Thornton member firms as required to meet its needs and the needs of its portfolio companies.
Provide a forum for member firms to discuss and express their views on matters that affect public company audits.
Each of the SECPS's 1,300 member firms is required to establish a policy prohibiting auditors from engaging in such relationships.
Through member firms in 112 countries, including 49 offices in the United States, the partners and employees of Grant Thornton member firms provide personalized attention and the highest quality service to public and private clients around the globe.
To provide a basis for additional communication on the effectiveness of QC programs, the SECPS commissioned a survey of member firms.
and KPMG Huazhen are part of the KPMG network of independent member firms.
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms and their respective subsidiaries and affiliates.

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