Qualified Special Representative Agreement

Qualified Special Representative Agreement

An agreement between brokers and/or dealers to settle a transaction without using the NASDAQ ACT system. Under a QSR, the brokers and/or dealers agree to settle the trade directly through the National Securities Clearing Corporation. This may be an inconvenience to the brokers and/or dealers, but processing tends to be simpler and there are fewer costs to the transaction.
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The majority of these transactions, FINRA said, were subject to a Qualified Special Representative agreement with an executing broker, which experienced a technology issue that prevented its automatic acceptance of trades on the firm's behalf and required the firm to engage in a more time-consuming manual review process.
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