Automated Customer Account Transfer Service - ACATS
After you make your first billion or so, you’ll probably have lots of different types of assets (stocks, bonds, hedge funds, weird exotic pets) and you’ll work with different banks and brokerage firms as you juggle all that stuff. Each time you want to transfer an asset from one bank or brokerage company to another, there’s lots of paperwork to fill out (ah, the problems of the rich).
To help you with that, the National Securities Clearing Corporation (NSCC) created ACAT, a system that allows for easier transfer of assets between accounts and financial institutions. Hopefully, the relative ease of the system will give you more time to actually spend all that dough...like to go lunching in Bora Bora or diamond tossing in Ibiza.
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Finance: What is NASD?4 Views
finance a la Shmoop what is NASD okay sing it with me people it's the National
Association of Securities Dealers yeah that's how we sing around here sorry
NASD is sort of the twelve games a year NFL season it used to be the thing the [NFL player dancing]
way things were done the the governing body and it was an SRO or [conference room]
self-regulating organization but eventually it just didn't change with
the massively increased demand for oversight and services and value-add and
it ended up being replaced as an organization by the much catchy er named [NSDA poster covered by FINRA]
finra originally sponsored as a bill by flipper so the new song goes finra we
love you you stand for Financial Industry Regulatory Authority okay [family together in home]
that's all we got it was a pleasure vocalizing with you and we'll try not to
do that again
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