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Cede and Company (also known as Cede and Co. or Cede & Co.) is a specialist United States financial institution that processes transfers of stock certificates on behalf of Depository Trust Company, the central securities depository used by the United States National Market System, which includes the New York Stock Exchange, and Nasdaq. [1]
One problem, however, was that it was voluntary, and brokers responsible for two-thirds of all trades refused to use it. [6] By January 1969, it was transferring 10,000 shares per day, and plans were made for it to be handling broker-to-broker transactions in 1,300 issues by March 1969. [13]
The Open Board of Stock Brokers was established in 1864 as a competitor to the NYSE. With 354 members, the Open Board of Stock Brokers rivaled the NYSE in membership (which had 533) "because it used a more modern, continuous trading system superior to the NYSE's twice-daily call sessions". The Open Board of Stock Brokers merged with the NYSE in ...