المدربAn executing broker is the member through which a firm’s orders reach a venue, in the broker’s name and under its pre-trade risk controls (Chapter 4). A clearing broker is the clearing-house member that settles the firm’s trades, carries its positions and finances them. A give-up is a trade executed by one broker and passed, by agreement, to another for clearing, so that a firm can execute with many brokers and hold everything at one.
