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 ?
Among the 13 loci mapped, 11 (85%) correspond to sorghum LG B.
Two HGs in GG, previously designated HGs 3 and 8 (Ming et al., 1998), correspond to two segments of sorghum LG C.
Thirty-four (65%) of the 52 unique markers of GG HG 3 correspond to sorghum LG C, while two (3.8%) of the 52 markers correspond to sorghum LG A, and one each (1.9%) corresponds to sorghum LGs D and F.
The function is computed first by solving the equation [empty set] = 0 for y for a given d, then computing the IP terms one at a time and summing; each term has a factor which corresponds to the product of all the sequences of reflection coefficients mapped by a binary number.
Both Perelson and Kauffman note that this prediction corresponds with the experimentally observed slowdown of affinity improvements in real immune responses.
The abnormal waves corresponded to the patient's pulse and occurred after the appearance of the QRS complex.
In the TAM, the bonus payments were fixed and corresponded with the loan payments in timing and amount; the loan payments were effectively guaranteed as long as the employee provided the services required under the employment contract.
Under this arrangement, the loan and bonus payments corresponded in amount and timing such that both offset each other.
Figure 6a corresponds to the heater off-state (no current flow).
(1), this corresponds to an approximate (4) 31[degrees]C temperature rise of the microheating element from ambient (room) temperature.
7 is plotted with respect to zero fluid flow, i.e., [R.sub.0] corresponds to no flow.
The product is the increase in the applicable credit amount that corresponds to the increase in the applicable exclusion amount.