Glossary of Municipal Securities Terms


A group of municipal securities dealers that assists in the distribution of a new issue of municipal securities. Selling group members are able to participate in the initial distribution at a concession or dealer’s allowance (i.e., at a discount from the public offering price, which discount may be less than or equal to the total takedown) but do not participate in residual syndicate profits nor share any liability for any unsold balance. Compare: SYNDICATE.

Search the Glossary


Browse Terms by Letter