According to the SECs order, for almost three years, Magee traded securities in Valors omnibus account
but waited to allocate the trades to client accounts until after the securities performance changed over the course of the day.
The sweep account represents an omnibus account
in the name of DBTCA as trustee/agent for the benefit of its clients, with the daily transfer amount determined on a net basis across all SF issuers.
The program would be paid for by sharing revenues between FIS and The Florida Bar Foundation; where FIS would get 20 percent to pay expenses and costs of the omnibus account
and the Foundation would get 80 percent.
An omnibus account
is 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.
One of the major concerns for investors was with swaps, but here the customer has an omnibus account
, where the custodian keeps the account under the client's name with confirmation given that the clients own this stock, so the legal ownership is there, while custody remains with the company.
Department of Treasury announced here Thursday a USD 152 million agreement with Clearstream Banking of Luxembourg, to settle its potential civil liability for "apparent violations surrounding Clearstream's use of its omnibus account
with a U.
But what happens when errors occur upstream, at the omnibus account
The SEC on February 15 sued 'unknown' traders who used an 'omnibus account
' and invested almost $90,000 in Heinz option positions the day before the deal was announced.
This acts as an omnibus account
and maps multiple accounts on internal MT4 side to one account in external system.
SaveDaily said at the heart of its transactional model is an omnibus account
, which allows the pooling of multiple smaller investments into a single large aggregated transaction that is executed at the completion of the trading day when the mutual fund pricing or net asset value is established.
They came up with a method to route all of GE's SWIFT-enabled messages to debit a designated omnibus account
, essentially redirecting funds transfers from the primary bank to Bank of New York Mellon.
Contract owner transactions entail a far more complex processing and tracking system than a broker-dealer omnibus account
as a result of the 2 investment company tiers.