Omnibus account: Difference between revisions
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{{ | The account one might find upstairs on the [[Clapham omnibus|Clapham]] number 88. | ||
{{cassprov|6.4.1}} | |||
“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. | |||
The fundamental and utter difference between an omni and a nostro will by no means stop loose-lipped [[operations]] folk merrily and regularly confusing the two, which will drive your [[CF10A]] — and to a lesser extent we grammar pedants in [[legal]] — up the freaking ''wall''. | |||
{{sa}} | |||
*{{casenote|Fardell|Potts}} | |||
*[[Custody]] | |||
*[[CASS Anatomy]] | |||
*{{t|CASS}} {{cassprov|6.4.1}} | |||
Latest revision as of 11:36, 18 January 2020
The account one might find upstairs on the 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, 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 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.
The fundamental and utter difference between an omni and a nostro will by no means stop loose-lipped operations folk merrily and regularly confusing the two, which will drive your CF10A — and to a lesser extent we grammar pedants in legal — up the freaking wall.