Series 7: 3.3.3.1.1. Clearinghouse Registration

Taken from our Series 7 Online Guide

3.3.3.1.1. Clearinghouse Registration

Most municipal bonds today are issued in book-entry form at a registered clearinghouse, without the benefit of a physical certificate. Bonds are registered and cleared through a registered clearinghouse, such as the Depository Trust Company (DTC). A clearinghouse may also be called a clearing agency. Instead of a bond certificate, investors receive a written confirmation of the transaction from their brokers. Registration of a new issu

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