3 - account types

when u book a trade, u need to make sure that….

…trades are allocated to relevant accounts

what are the two types of account

house account (firm’s own)

client accounts

two ways client accounts can be

segregated —> defo for retail

non-segregated

when might client accounts be non segregated

if we give clients an incentive (eg. less fees)

but this can NEVER be for retail clients bc of CASS rules

why does it benefit us to have non segregated client accounts

less admin

more funds available for hypothecation

what is a give up

when the GCM settles the trade in the house account

what is a give in

the opposite side of the give up

if a deal has taken place and been allocated to a client account, has the firm acted as principal or agent

agent