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Securities Intermediary
Practical Law Glossary Item 3-382-3809 (Approx. 2 pages)
Glossary
Securities Intermediary
Defined in the UCC as:
- A clearing corporation.
- A person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity.
Article 8 of the UCC uses the concept of securities intermediary relating to a secured party taking a security interest in a securities account held by a securities intermediary. For more information on security interests in securities accounts, see Practice Note, Security Interests: Investment Property.