When reporting a piggyback clearing scenario to CAIS, which Industry Member’s CRD number must the clearing firm populate in the correspondentCRD field when Firm A is piggybacking off of Firm B’s relationship with the clearing firm?
When the piggyback firm is fully disclosed, the correspondentCRD field must be populated with the CRD number of the introducing firm that has the relationship with the customer. For example, in a piggyback scenario where the piggyback firm is fully disclosed and Firm A (with customer relationships) piggybacks on Firm B’s clearing relationship with Clearing Firm C, the clearing firm must populate Firm A’s CRD number in the correspondentCRD field.
See also FAQ U13 for additional information on allocation reporting for piggyback clearing scenarios.
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Yes