TeachMeFinance.com - explain Sending in
Sending in -- When a speculator buys (or sells) stock
through a broker with whom he has no account he directs this
broker to "send in" the transaction to a broker with whom he
has an account. The first broker merely executes the order;
the second receives (or delivers) the stock.
The first broker in such a case acts as a two-dollar broker
and collects his fee from the second broker, who charges the
person for whom the stock was bought or sold the full commission
the same as if he (the second broker) had executed the
Another instance of sending in is when a speculator transfers
his account from one broker to another. In such a case he directs
the broker who was originally employed to send in or
transfer his contracts to the second broker. It is the same if
he transfers only part of his account to another broker.
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