Buyer/seller |
The principal party doing the buying or selling.
For investment managers, principal party is typically the manager of the fund being traded. For broker/dealers, it is typically the actual broker/dealer on the trade.
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Custodian
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If there is a custodian, it is the buyer/seller’s direct service provider.
For a fund, this is typically the global custodian.
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Security correspondent |
If there is a security correspondent, it is the custodian’s direct service provider.
In many cases, a regional bank might private-label an actual global custodian’s services. In this case, the regional bank is viewed as the custodian, because it provides the services directly to the buyer/seller. The actual global custodian is the correspondent for the custodian role.)
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Local agent |
The agent in the local marketplace that actually clears or settles the transaction.
The local agent is typically a participant of the depository or clearing house.
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PSET |
The place of settlement; that is, the central security depository (CSD) or international central security depository (ICSD) where the clearance is taking place. |
Account numbers |
The account number of one party relative to its account at the next party level, regardless of how many parties are in the settlement chain.
For example, the account number of a buyer/seller at its custodian.
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