TeachMeFinance.com - explain For your account
For your account -- When a broker on the New York Stock
Exchange executes an order for another broker who is to receive
or deliver the stock, as the case may be, he "gives up" to
the broker with whom he makes the transaction the name of
his principal (the broker for whom he is acting). If the
broker to whom he has sold or from whom he has bought
does not wish to accept the name given up to him he says "for
your account" and the broker who was acting for a person
other than himself is himself obliged to assume the contract.
A rule of the exchange is that no broker shall be compelled to
accept a principal other than the broker offering to contract,
unless the broker so offering shall in making the offer declare
the name of the person wh'om he proposes to substitute for
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