The members of an underwriting group with involvement large enough to be in the second participation tier from the top.
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In bracketing, the second largest underwriting group responsible for placing a certain amount of a new issue with investors. It is a somewhat informal term and is also called the maker bracket. Brackets are listed in order of size on an advertisement detailing each new issue, known as the tombstone.
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The list of underwriters who play a moderately important role in a securities offering.
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.