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165
Chapt
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7thEdi
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c.Many
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i
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msei
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herbuyorl
easeseat
sont
heNYSEand/
orar
eNASDAQmember
s.
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ght©2019McGr
awHi
l
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i
on.Al
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i
ght
sr
eser
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ed.Nor
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oduct
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on
ordi
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r
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but
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onwi
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166
Chapt
er16-Secur
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i
esFi
r
msandI
nvest
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eest
handi
scount
br
oker
s.Exampl
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udeETr
adeandAmer
i
t
r
ade.Mostl
ar
gef
i
r
msnow
of
f
ercl
i
ent
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ul
l
ser
v
i
cebr
oker
ageorr
educedcostel
ect
r
oni
c
t
r
adi
ng.
e.CashManagement
Secur
i
t
i
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i
r
mshav
el
ongof
f
er
edaccount
scal
l
edCashManagementAccount
s
(
CMAs)t
hatwer
esi
mi
l
art
obankchecki
ngaccount
s.Begi
nni
ngi
n1999
secur
i
t
i
esf
i
r
mswer
eal
l
owedt
oof
f
erf
eder
al
l
yi
nsur
eddeposi
t
s.These
account
shav
enor
mal
l
ybeenchecki
ngaccount
swr
i
t
t
enonmut
ual
f
und
i
nv
est
ment
s.Manyoft
heseaccount
snowof
f
erATM anddebi
tcar
dser
v
i
ces.
CMAsmakei
teasi
erandcheaperf
orbr
oker
st
opr
ocesspay
ment
sf
orsecur
i
t
y
buyandsel
l
or
der
s.Not
et
hatsi
ncet
heFSMAsecur
i
t
i
esf
i
r
mscanal
soof
f
er
l
oans,
cr
edi
tcar
dsandot
herbanki
ngt
y
peser
v
i
cest
ocust
omer
sandbankscan
of
f
ert
r
adi
t
i
onal
br
oker
ageser
v
i
ces.Newr
ul
est
hatwi
l
l
soonbei
np…
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