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The account one might find upstairs on the Clapham number 88. | The account one might find upstairs on the [[Clapham omnibus|Clapham]] number 88. | ||
“Omnibus”, as Latin scholars will tell you, means “all”. Just as the [[clapham omnibus]] was originally conceived as a mode of transport for all, so an omnibus account is a customer account for all: a single account where a [[custodian]] holds, and commingles, [[Custody assets|assets]] on behalf of a number of its clients. | |||
Seeing as a [[custodian]] may not mix up its own “house” assets with those of its [[Client|clients]], so an omnibus is necessarily and exclusively a client account. | |||
Compare and contrast with a [[nostro account]], which by the same latinate token, is necessarily and exclusively, a bank’s own proprietary account. | |||
Loose-lipped operations folk merrily confuse the two, which will drive your [[CF10A]] — and to a lesser extent those grammar pedants in [[legal]] — up the freaking ''wall''. | |||
{{seealso}} | {{seealso}} | ||
*{{casenote|Fardell|Potts}} | *{{casenote|Fardell|Potts}} | ||