Broker’s Broker Records
Recall that a broker’s broker is a municipal bond dealer that specializes in brokering transactions for other municipals dealers. A broker’s broker must maintain records with respect to its municipal securities activities, as follows:
- • All bids to purchase municipal securities and the time of receipt
- • All offers to sell municipal securities and the time of receipt
- • The time that the high bid is provided to the seller, the time the seller accepts the bid, and the time the trade is executed
- • For each communication with a seller or bidder, the date and time of the communication
- • For all changed bids and offers, the name of the person who authorized the change and the name of the person at the broker’s broker at whose direction the change was made
- • A copy of the policies and procedures pertaining to bids-wanted and offerings
With respect to bids-wanted, a broker’s broker is required to adopt predetermined param