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Zorluk: OrtaBroker-Dealers, Investment Advisers, and Intermediaries

Match each capital market intermediary entity on the left with its primary operational role during or after the trade execution lifecycle on the right.

  • Transfer AgentMaintains corporate shareholder ownership records, processes dividend payments, and cancels or reissues stock certificates.
  • Depository Trust Company (DTC)Serves as the central securities depository, holding custody of assets in book-entry form to facilitate electronic ownership transfers.
  • National Securities Clearing Corporation (NSCC)Acts as the central counterparty to clear and net broker-dealer equity transactions across U.S. exchanges.
  • CustodianSafeguards client cash and financial assets for institutional funds and accounts to protect against loss or unauthorized use.

Cevap

Transfer Agent matches corporate shareholder recordkeeping and certificate reissuance; DTC matches central book-entry custody of securities; NSCC matches trade clearing and netting as central counterparty; Custodian matches safeguarding client cash and securities.
Intermediary roles are defined by specific post-trade and corporate responsibilities: Transfer Agents maintain shareholder rosters for corporate issuers; DTC acts as the central securities depository for electronic book-entry settlement; NSCC functions as the central counterparty clearing trades; Custodians hold and safeguard investor assets.

Adım Adım Çözüm

1
Identify the issuer-facing administrative role responsible for tracking stock ownership.
The Transfer Agent keeps track of registered owners, handles dividend distributions, and manages stock certificates.
Corporations hire transfer agents to handle official shareholder books and corporate action payouts.
2
Distinguish between central depository custody and post-trade clearance functions.
DTC is the central depository keeping securities immobilized in book-entry form; NSCC performs trade clearing, netting, and acts as central counterparty.
Although both operate under the DTCC umbrella, DTC focuses on custody and book-entry registration, whereas NSCC manages clearing and settlement obligations.
3
Identify the institutional safeguarding entity.
The Custodian holds and protects customer securities and cash.
Custodians act as independent safeguards for investment advisers and institutional accounts.

Anahtar Kavram

Roles of Capital Market Intermediaries
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Konular

Broker-Dealers, Investment Advisers, and Intermediaries

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