Glossary of Municipal Securities Terms


A form of remuneration received by a municipal securities dealer purchasing or selling securities when acting as agent for a customer. The commission is typically a charge to the customer of a set fee per bond or transaction. The commission (or any other remuneration received) must be disclosed to the customer as a separate item on the confirmation of an “as agent” transaction. See: “AS AGENT” TRADE; CUSTOMER TRADE. Compare: CONCESSION; MARK-DOWN; MARK-UP.  

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