Nonmember firm

Definition:

Used for listed equity securities. Brokerage firm that is not a member of an organized exchange (NYSE). Such firms execute trades either through member firms, or on regional exchanges where they are members, or in the third market.

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Tax-neutrality

Characteristic that taxes do not interfere with the natural flow of capital toward its most productive use.

Subscribe to the Term of the Day via email Get the Term of the Day in your inbox!


Create your free portfolio