Volume 3 | Number 1 | January – June 2026
Charles K. Whitehead
Myron C. Taylor Alumni Professor of Business Law
Cornell University Law School
Visiting Professor, CamEd Business School
INTRODUCTION
Broker-dealers are essential intermediaries in modern securities markets. Investors rely on them to execute trades, maintain accounts, hold cash and securities, extend margin credit, and facilitate clearing and settlement. This intermediation creates a distinct regulatory concern: because customers generally do not hold purchased securities directly, they must depend on broker-dealers to ensure that customer assets remain properly segregated and available for return if the firm fails.
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