An organization, usually a bank or any other approved institutions, that hold the securities and other assets of mutual funds and other institutional investors.

Related Terms

Cheapest to Deliver Issue

The acceptable Treasury security with the highest implied repo rate. It is the rate that a seller of a futures contract can earn by buying an issue and then delivering it at the settlement date.

Volume of Trading

The total number of shares which changes hands in a particular company’s securities. This information is useful in explaining and interpreting fluctuation in share prices.


The non-hostile and voluntary union of two companies.