Under the existing single capacity system, where a clear distinction is drawn between brokers acting as agents for clients and jobbers acting as market-markers on their own account, dealing both in gilt-edged and in other securities take place on very similar systems. The method of issue is certainly different, settlement of gilt-edged is carried out for cash rather than on an ‘account’ basis and the securities are registered in and out of the jobbers’ own names, but the actual dealing system is basically the same in each case.
KeywordsEurope Assure Volatility Monopoly Hedging
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