What Is the Qualified Explicit Marketing consultant Agreement?
The Qualified Explicit Marketing consultant Agreement (QSR) is an agreement between broker-dealers to clear trades without interacting with the NASDAQ ACT software. The QSR shall we in a single broker-dealer to send trades at once to the National Securities Clearing Corporate on behalf of a few different broker-dealer. This method of clearing trades provides simpler processing, lower transaction costs, and extended purchasing and promoting hours.
Figuring out the Qualified Explicit Marketing consultant Agreement (QSR)
The Qualified Explicit Marketing consultant Agreement (QSR) applies to NASDAQ trades {{that a}} broker-dealer would generally process all through the ACT software. The ACT software fits trades and then communicates the transaction to the broker-dealer’s clearing corporate. The ACT software moreover tales the industry to the National Securities Clearing Corporate.
Matching and Reporting Trades
When two broker-dealers have a QSR agreement, each one can send trades to its clearinghouse on behalf of the other, and each of their clearing firms has agreed to clear the trades in line with the agreement. Broker-dealers are compatible orders in opposition to a couple different broker-dealer thru the use of an virtual conversation group (ECN). Each broker-dealer and the ECN send a ticket report to their clearing firms with the industry details. Alternatively, each corporate will have to nevertheless report their own trades to FINRA. Now not just like the Nasdaq ACT software, which tales trades eternally to the NSCC, trades made underneath QSR agreements are reported most straightforward 5 events daily.
