Facts on stock brokers and how to stay on top of your money: GLOSSARY OF USEFUL TERMS


(A complete glossary of terms is available from the NASD.)

Answer - A respondent's written reply to a claim.

Arbitration/Counsel or Arbitration Administrator - The person at the sponsoring organization who handles administrative matters in arbitration proceedings.

Answer - A respondent's written reply to a claim.

Arbitrator - A person chosen to decide disputes between parties.

Award - The written determination of the arbitrators.

Broker - An individual or firm who acts as an intermediary between a buyer and seller, who usually charges a commission.

Broker/Dealer - NASD member firms that act as securities dealers or brokers, or perform both functions.

Claim - A demand for money or other relief.

Claimant - A person making a claim.

Compliance Departments - Departments set up in all organized stock markets to oversee market activity and make sure that trading complies with the Securities and Exchange Commission and other Exchange regulations.

Confirmation - Formal memorandum from a broker to a client giving details of securities transaction. When a broker acts as a dealer, the confirmation must disclose that fact to a customer.

Counsel - An attorney who advises and represents a party in an arbitration.

Counterclaim - A claim against the claimant.

Cross-Claim - A claim by a respondent against a co-respondent previously named by the claimant.

Customer Agreement New Account Information Form

Excessive Trading - A broker excessively trades an account for the purpose of increasing his or her commissions, rather than to further the customer's investment goals.

Filing - Delivery to the Director of Arbitration of the statement of claim or other pleadings, to be kept on file as a matter of record and reference.

Panel - The arbitrators who decide a dispute.

Party - A person or broker/dealer making or responding to a claim in an arbitration proceeding.

Pleadings - The claim, answer, counterclaim, and/or third-party claim and/or cross-claim filed in an arbitration.

Respondent - The person against whom a claim is made.

Service - Delivery of the Statement of Claim or other pleadings to those parties named in the arbitration.

SRO - A self-regulatory organization. For the purposes of this pamphlet, an SRO is a securities association or securities exchange.

Third-Party Claim - A claim by the respondent against a party not already named in the proceeding.

This site does not offer nor is it legal advice. This site provides educational and helpful references and is designed for those two purposes only. Should you have any specific questions or concerns, contact a lawyer in your area.

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