Securities Industry Automation Corporation (SIAC)

Definition

Entity that performs duties necessary to clear and check data on securities. Transactions initiating at a brokerage firm are sent to a SIAC and then the company does what is necessary to confirm the data. SIAC primary purpose is to eliminate some of the work that a brokerage firm has to do when various transactions occur.
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Securities Industry Association Securities Industry Committee on Arbitration (SICA)