An industry lobby group has put the finishing touches on a plan to solve one of the thorniest problems in modern finance—moving customer accounts when a broker-dealer collapses.
The Securities Industry and Financial Markets Association (Sifma), along with industry firms and clearing companies like the Depository Trust and Clearing Corp. (DTCC), has launched the Bulk Transfer Initiative to standardize the process of moving accounts across to other banks.
Bulk transfer deals with the movement of
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