Correspondent
The name given to a bank, broker, dealer, or financial institution that acts on behalf of another financial institution with limited or restricted access to the financial markets where a transaction must occur. Investopedia Says:
Commonly done by smaller financial corporations that don't necessarily have the capital to enter into foreign markets and set up new operations. This is a cheaper method of providing international services to clients through agreements and partnerships. Related Terms:
Broker
Broker-Dealer
Dealer
Financial Supermarket |