A largedenomination CERTIFICATE OF DEPOSIT issued by a BANK to a BROKER/DEALER, which splits the certificate into smaller denominations suitable for distribution to retail investors. In some instances the bank may issue the certificate when the broker/dealer collects individual investments, amalgamates the funds, and deposits them with the bank as a lump sum. Also known as BROKERED DEPOSIT.
What is BROKERED CERTIFICATE OF DEPOSIT (CD)?
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