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Launched on June 21, 2010, [3] Merrill Edge is a "a no-frills brokerage unit" of parent company Bank of America's retail banking division. [4] Created after Merrill Lynch became a subsidiary of Bank of America in 2008, it contains the Merrill Lynch name and its employees are included in Merrill Lynch's number of employees. [5]
A Broker's call, also known as the Call loan rate, is the interest rate relative to which margin loans are quoted. Individuals may borrow on margin a part of the funds they use to buy their securities from their broker. The broker, in turn, may borrow funds from a bank (with an agreement to repay the bank immediately on call).
In March 2008, E-Trade named Donald Layton, formerly JPMorgan Chase vice chairman, its new CEO. Layton had joined E-Trade's board of directors in November 2007, at the same time as the Citadel LLC deal. [11] [12] [13] In December 2009, Robert Druskin, a former chief operating officer of Citigroup, was named interim CEO and chairman. [14]
In the United States, a pattern day trader is a Financial Industry Regulatory Authority (FINRA) designation for a stock trader who executes four or more day trades in five business days in a margin account, provided the number of day trades are more than six percent of the customer's total trading activity for that same five-day period. [1]
An investor is long 50 shares in Universal Widgets Ltd, trading at 120 pence (£1.20) each. The broker sets an additional margin requirement of 20 pence per share, so £10 for the total position. The current liquidating margin is currently £60 "in favour of the investor". The minimum margin requirement is now -£60 + £10 = -£50.
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In the United States, banks and financial service companies have been among the largest issuers of these securities. [4] The U.S. Treasury [5] began issuing them in 2014, and government sponsored enterprises (GSEs) such as the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are important issuers.
The South Florida Business Journal named it Business of the Year in 2013 and Community Bank of the Year in 2013 and 2011. [9] CNBFL was the only retail bank in Florida that had no customer complaints [10] filed against it with state regulators in 2011. The bank posted record earnings in 2012. [11]