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Correspondent

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Correspondent
The name given to a bank, Broker, dealer, or financial Institution that acts on behalf of another financial Institution with limited or restricted access to the financial markets where a transaction must occur.
    
Commonly done by smaller financial corporations that don't necessarily have the capital to enter into foreign markets and set up new operations. This is a cheaper method of providing international services to clients through agreements and partnerships.
Posted by  Institute for International Research
 
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