Custodian Holds It, Transfer Agent Records It

Rule 7 of 8 in this unit1.1.4

1.1.4 Market Participants and their Roles

SIE outline 1.1.4

Custodian Holds It, Transfer Agent Records It

Custodian: safekeeping of the asset. Transfer agent: the official ownership record. NOT the same function.

The method for this kind of question

Place the name on the map first

Now answer

1 question on this screen, from this outline item's own pool, so some will test a rule you met earlier in the unit. Pick an answer, say how sure you are, then reveal. Being sure and wrong is the most useful thing that can happen here, and the coach treats it that way.

Question 1Exam level

On the SIE outline, what does "OCC" refer to when a stem discusses exercise, assignment and guarantee of a listed contract?

A. The Office of the Comptroller of the Currency B. The Options Clearing Corporation C. An abbreviation for "over-the-counter clearing" D. A state securities administrator

How sure are you?

Sure Fairly sure Guessing

Correct: B. Exercise, assignment and guarantee are options language; the outline's OCC is the Options Clearing Corporation, issuer and guarantor of every listed option.

A. The bank regulator shares the initials but is not named as a market participant on the SIE outline at all.

C. Not a real term; the outline uses "OCC" only for the Options Clearing Corporation.

D. State securities administrators are covered elsewhere in the outline, under NASAA, not this bullet.

Unit: SIE outline 1.1.4

Next ruleDepositories Settle the Trade

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