Correspondent

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Correspondent

A financial organization that performs services (acts as an intermediary) in a market for another organization that does not have access to that market.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

correspondent

A financial organization such as a securities firm or a bank that regularly performs services for another firm that does not have the requisite facilities or the access to perform the services directly. For example, a member of a securities exchange may execute a trade for a nonmember firm.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

Correspondent.

A correspondent is a financial institution, such as a bank or brokerage firm, that handles transactions on behalf of another financial institution that it can't complete on its own.

For example, if a US bank has a client who needs to make a payment to a supplier located overseas, the US bank would use its relationship with a correspondent bank in the supplier's home country to credit the supplier's bank account with money from its own client's account that had been transferred through an international payment system.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
Unlike those artifacts of days past, foreign bureaus were not replaced by new technology.
In contrast, when Knight-Ridder formed, it began pouring money into the Mercury News-- doubling the number of reporters, adding foreign bureaus and 20 sections.
I VISITED THE POST-DISPATCH ON THE RECOMMENDATION OF Donald Shanor, a one-time foreign correspondent and a former journalism professor at Columbia University, who is writing a book about foreign coverage called "News from Abroad." Shanor says the Post-Dispatch is a paper that, without its own foreign bureaus, nevertheless presents a well-thought-out report for its 290,000 daily and 472,000 Sunday readers.
The industry has faced many bankruptcies in recent years, with those still operating often having laid off large numbers of staff, especially in their foreign bureaus. In the United States, the number of full-time journalists has dropped by 20 per cent since 2001.
The Globe closed all of its foreign bureaus; newspapers shed their suburban and regional bureaus; whole newspaper sections folded; and tens of thousands of journalists got sacked.
The same day Tribune rejected the offer, Tribune Publishing CEO Justin Dearborn announced a plan that the Los Angeles Times would expand overseas by next year in seven new foreign bureaus with strong entertainment markets.
"All these newspapers used to have foreign bureaus," he said.
Times had more than 1,000 staffers, a paid circulation north of 1 million and 20-plus foreign bureaus.
The tone of the discussion wasn't a happy one: lots of talk about the closing of foreign bureaus, the decline of quality journalism, and how their local daily newspaper was a lot thinner than it used to be.
With over 1,300 journalists spread across 54 domestic offices and 36 foreign bureaus - including its latest base in Yangon - Nikkei correspondents and editors cover all major industrial and business sectors - from all corners of the world.
Foreign correspondent Lola Wicks has just returned from Afghanistan, a place where "filing the story and staying alive remained the only two things that mattered." She is called back to the home office of her newspaper in Baltimore, where she finds that all the foreign bureaus were being shut due to the faltering US economy and the ensuing layoffs, and is faced with an assignment in the suburbs, told that she is lucky she still has a job.

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