BROKER LOAN
\bɹˈə͡ʊkə lˈə͡ʊn], \bɹˈəʊkə lˈəʊn], \b_ɹ_ˈəʊ_k_ə l_ˈəʊ_n]\
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A shortterm secured demand LOAN granted by a BANK to a SECURITIES FIRM or BROKER/DEALER that is used to fund client securities positions. The loan is backed by the underlying securities and is usually callable by the lender with 24 hours
By Henry Campbell Black
