A department at a brokerage responsible for receiving and distributing funds, as well as maintaining records. The cashier's department enables the rest of the brokerage to function, especially by keeping records of dividends and other payouts and receiving payments from clients. It is informally called the cage.
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The division of a broker-dealer operation in which security certificates are processed, checks are sent or received, and dividend and interest records are kept. Essentially, the cashier's department handles the broker-dealer's money and paperwork. Also called cage.
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.