Securities Brokers and Dealers, Investment Banks, Merchant Banks Industry Terminology

Only accredited investors could participate in the Reg D PIPE.; Compliance verified the family office's accredited status before sending the deck.; We limited the seed round to accredited investors to avoid a full registration.

The bank acted as depositary for the company's Level III ADR program.; We'll list via ADRs to access U.S. liquidity.; ADR volume spiked after the earnings beat.

We routed the block via algos to minimize slippage.; The client requested a VWAP algo for the rebalance.; Latency-sensitive flows run on co-located algorithmic engines.

We executed in an ATS to avoid signaling.; The ATS's midpoint book improved price.; Fixed income ATS volume is growing as dealers electronify.

Operations flagged the wire under AML rules.; We enhanced AML screening for higher-risk geographies.; KYC and AML checks delayed the account opening.

Route selection is documented for best ex reviews.; Our smart order router supports best execution across venues.; Regulators examined our best execution policies.

The spread widened after the halt.; Market makers tightened the spread post-open.; Illiquid bonds show persistent wide spreads.

Our broker-dealer capital is sized for underwriting risk.; The BD's WSPs were updated for Reg BI.; They operate as an introducing broker-dealer.

Research is on the public side behind the barrier.; We set up a wall before wall-crossing investors.; Compliance monitors barrier breaches.

We novated the swap to reduce counterparty risk.; Margin calls mitigate counterparty exposure.; The CDS widened on rising counterparty concerns.

We printed 300k shares in a dark pool at midpoint.; Dark liquidity helped reduce market impact.; Dark pool executions triggered price improvement.

DCM is pitching a debut bond for the issuer.; DCM and syndicate set initial price talk.; We're monitoring the curve for the DCM window.

They hedged rate risk with swaps and swaptions.; We structured an equity collar for the founder.; The desk books options delta-neutral.

We're in data room diligence this week.; Legal diligence flagged a litigation reserve.; Bankers ran customer calls as part of commercial DD.

ECM is drafting the IPO timetable.; ECM coordinated the wall-cross for the block trade.; The ECM calendar is busy ahead of earnings.

The board requested a fairness opinion.; We provided a fairness opinion to the special committee.; Disclosure includes the fairness opinion summary.

FINRA examined our best ex procedures.; New reps must pass FINRA's SIE and Series exams.; We filed the ad with FINRA for review.

Syndicate exercised the greenshoe in full.; The shoe helped offset aftermarket volatility.; We used the shoe to cover short allocations.

The IPO priced above the range.; We launched the roadshow for next week's IPO.; Lock-ups kick in 180 days post-IPO.

Compliance halted trading amid insider risk.; Wall-crossed investors agreed to abstain to avoid insider trading.; The regulator charged employees with insider trading.

We negotiated ISDA and CSA terms with the counterparty.; No trade until the ISDA is executed.; Collateral thresholds are set in the ISDA.

Account opening is pending KYC documents.; Enhanced KYC applies to PEPs.; Periodic KYC refresh is due next quarter.

Lock-ups expire 180 days post-IPO.; We negotiated an early lock-up release for the follow-on.; The stock dipped on lock-up expiry.

Market makers tightened quotes ahead of the print.; The desk is a designated market maker in that ETF.; We widened spreads during the volatility spike.

Accessing MNPI requires private-side status.; We cleansed investors once the MNPI was disclosed.; MNPI must be logged and restricted.

The merchant banking arm led the growth equity round.; We're exploring a merchant banking co-invest.; Merchant banking holds a minority stake alongside the sponsor.

We pitched an M&A sell-side mandate.; The board formed a special committee for the M&A process.; Cross-border M&A requires FDI approvals.

The BD increased net capital ahead of a large underwriting.; Operations monitor 15c3-1 daily.; A deficiency would trigger a net capital call.

We priced the CDS OTC under ISDA.; Most HY bonds trade OTC via dealers.; OTC options require bespoke confirmations.

We anchored the PIPE alongside the SPAC merger.; The issuer raised liquidity via a discounted PIPE.; PIPE documentation includes a resale registration.

PB provided margin financing and stock borrow.; The fund multi-primes to diversify counterparty risk.; We shifted our short book to another prime broker.

The SEC declared the prospectus effective.; We updated risk factors in the preliminary prospectus.; Investors requested the final prospectus post-pricing.

Allocations prioritized QIBs.; Only QIBs could participate in the 144A tranche.; We verified QIB status before sharing the OM.

We updated policies to comply with Reg BI.; Training covers Reg BI conflicts disclosures.; The audit sampled retail recommendations under Reg BI.

We financed Treasuries via overnight repo.; GC repo rates tightened into quarter-end.; The desk rolled the term repo for another week.

The IPO roadshow starts Monday.; We ran a virtual roadshow across time zones.; Feedback from the roadshow tightened the range.

Syndicate launched a secondary block trade.; The deal is a secondary with no primary proceeds.; We structured a marketed secondary to broaden demand.

We're structuring an auto ABS securitization.; Credit enhancement improved the senior tranche rating.; The conduit fed collateral into the CMBS deal.

We located borrow through prime for the short.; Short interest spiked ahead of earnings.; The uptick rule affected our short entry.

The SPAC secured a PIPE to close the merger.; Sponsor promote terms were renegotiated.; Redemptions were high before the de-SPAC vote.

We entered a pay-fixed interest rate swap.; The cross-currency swap hedges euro revenues.; The CDS spread widened 20 bps.

Syndicate set price talk at T+150.; We added two co-managers to the syndicate.; Allocations were finalized by syndicate.

We accelerated post-trade to meet T+1.; Securities lending timelines adjusted for T+1.; International trades may still be T+2 or T+3.

Investors signed the term sheet after wall crossing.; The bond term sheet shows covenants and use of proceeds.; We circulated a revised term sheet overnight.

The stock entered a Level 1 halt on a 7% drop.; A pending news halt preceded the announcement.; The halt extended into the reopening auction.

We underwrote $500 million of notes on a firm-commit basis.; Underwriting fees are split across the syndicate.; The risk committee cleared the underwriting exposure.

We reclassified positions to comply with Volcker.; Market-making exemptions are documented under the Volcker Rule.; The Volcker desk policies were refreshed.

We executed near VWAP for the rebalance.; The algo aims to match VWAP intraday.; Performance is measured versus the day's VWAP.

We wall-crossed QIBs ahead of the block.; Investors were cleansed post-launch.; Legal coordinated wall-cross NDAs.

The inverted yield curve affected tenor selection.; DCM priced at T+ spread off the curve.; We hedged duration given a steepening outlook.