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{{ | {{tabletop}} | ||
|'''[[Margin]] Type''' | |||
|'''Transfer Type''' | |||
|'''Client Risk<br> | |||
([[Broker]])''' | |||
|'''Client Risk<br> | |||
([[Bank]]/[[Custodian]])''' | |||
|'''Client Risk | |||
([[Intermediary]])''' | |||
|'''Broker Risk | |||
([[Bank]]/[[Custodian]])''' | |||
|'''Broker Risk | |||
([[Intermediary]])''' | |||
|- | |||
|Cash | |||
|Outright transfer | |||
|'''{{font colour|red|Yes}}''' | |||
|'''{{font colour|green|No}}''' - it's the [[Broker]]'s bank. | |||
|Depends on [[limited recourse]] | |||
|'''{{font colour|red|Yes}}''' | |||
|Depends on [[limited recourse]] | |||
|- | |||
|Cash | |||
|[[Client money]] | |||
|'''{{font colour|green|No}}''' | |||
|'''{{font colour|red|Yes}}''' – it is client’s bank | |||
|Generally '''{{font colour|red|Yes}}''' but limited recourse language will help | |||
|'''{{font colour|green|No}}''' | |||
|Generally '''{{font colour|red|Yes}}''' but limited recourse language will help | |||
|- | |||
|[[Securities]] | |||
|[[Outright transfer]] | |||
|'''{{font colour|red|Yes}}''' | |||
|'''{{font colour|green|No}}''' - it's a custody asset. | |||
|'''{{font colour|red|Yes}}''', if [[limited recourse]] | |||
|'''{{font colour|green|No}}''' | |||
|'''{{font colour|green|No}}''' | |||
|- | |||
|[[Securities]] | |||
|[[Pledge]] | |||
|'''{{font colour|green|No}}''', unless a right of [[rehypothecation]], in which case '''{{font colour|red|Yes}}'''. | |||
|'''{{font colour|green|No}}''' | |||
|If re-pledged: '''{{font colour|green|No}}'''. If [[Rehypothecate|rehypothecated]]: Depends on [[limited recourse]]. | |||
|'''{{font colour|green|No}}''' | |||
|Depends on [[limited recourse]]. | |||
{{tablebottom}} | |||
{{a|brokerage|}} |