omnibus account

Omnibus Account

An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined in this type of account, allowing for easier management by the futures merchant.

Notes:

This protects the identities of the individual account holders, because the futures merchant transacts for them.

See also: Account, Commission House, Futures

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Omnibus account

An account carried by one futures commission merchant with another futures commission merchant in which the transactions of two or more persons are combined and carried in the name of the originating broker, rather than designated separately. Related: Commission house.

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omnibus account

An account carried by a member firm for a nonmember correspondent firm.