assurer la contrepartie

Gerard Samuel

Senior Member
American English
A newspaper article about Bernard Madoff says:

Madoff exécute et assure la contrepartie des transactions.

Does this mean that he "provides the counterparty"? For example, that he finds a buyer whenever someone wants to sell?

Thanks for any help...
 
  • bloomiegirl

    Senior Member
    US English
    Yes, it means Madoff was the contra party on trades that he executed.
    But no, he didn't clear them! That requires a clearing corporation (e.g. DTCC), at least here in the USA.

    BTW, since this is Madoff, it's all past tense activity, although the text in question may be written in historical present.
     

    chrisp124

    Senior Member
    French (France)
    I agree that a broker-dealer is not a clearing agency. However, a client of Madoff would have said "my trades are cleared through Madoff" or "Madoff clears my trades".
     

    bloomiegirl

    Senior Member
    US English
    I suppose that''s true, but it might matter who's talking, and to whom.
    (By the by, in truth many of them didn't clear at all... but that probably goes beyond the source text.)
     
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