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HMRC internal manual

International Exchange of Information Manual

HM Revenue & Customs
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Custodial Institution: Execution Only Broker

Execution Only Broker

An execution only broker that simply executes trading instructions or receives and transmits such instructions to another executing broker will not hold financial assets for the account of others so will not be a Custodial Institution. However, such a broker may be a Financial Institution if it falls with the definition of an Investment Entity [see IEIM400760].