member firm

Member firm

Used for listed equity securities. Brokerage firm that has at least one membership on a major stock exchange even though, by exchange rules, the membership in the name of an employee and not of the firm itself.

Member Firm

A broker-dealer firm in which at least one of the principal officers is allowed to trade on the floor of an exchange. To become a member, one needs to purchase a membership or a seat on the exchange, which can be very expensive. There are usually a set number of memberships to an exchange; for example, on the New York Stock Exchange, there are 1,366 seats, which may cost up to $1 million each, and which may be bought or sold to different firms. Most exchanges do not recognize member firms, only individual members; that is, they consider members to be the brokers or dealers on the floor, rather than the firms they represent.

member firm

A securities firm with officers or partners who are members of an organized securities exchange. National brokerage firms are generally members of a number of organized exchanges. Organized exchanges have established standards of conduct and financial conditions. See also ABC Agreement.
References in periodicals archive ?
BANKING AND CREDIT NEWS-June 5, 2019--Indian central bank bans EY member firm from auditing banks for one year
Global Banking News-June 5, 2019--Indian central bank bans EY member firm from auditing banks for one year
During the event, Pilot Securities Limited was named the Most Compliant Dealing Member Firm for 2018, having demonstrated the highest degree of compliance with the rules and regulations Governing Dealing Members of the Exchange in 2018.
Note to mention that KPMG member firm in the Kingdom of Bahrain was selected to host the conference this year as the firm celebrates its' 50 years anniversary in Bahrain.
The protocol lets representatives of member firms take a limited amount of client information when leaving one protocol member firm for another.
t0.com, the fintech subsidiary of Overstock.com, announces the terms for its purchase of a 24 percent ownership stake in StockCross Financial Services, a FINRA member firm and a U.S.
M2 EQUITYBITES-January 3, 2018-Redbridge registers with FINRA as broker dealer member firm
Established in 2013 by US member firm Andersen Tax LLC, Andersen Global now has more than 2,500 professionals worldwide and a presence in over 78 locations through its member firms and collaborating firms.
ARAB NEWS Protiviti Member Firm's official opening of the Riyadh office was attended by promoters and senior executives from some of the largest business houses and companies in the region.
For registered reps who are hired or associate with a member firm prior to the effective date, the requirements of Rule 2273 will not be triggered if a former customer is individually contacted by the recruiting firm or registered rep or, absent individualized contact, transfers his or her assets to the recruiting firm after the effective date.
Each Your House Counsel Member Firm is independent and has a relationship partner dedicated to your relationship and your work.
Each DTTL member firm provides services in particular geographic areas and is subject to the laws and professional regulations of the particular country or countries in which it operates.

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