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Qualified Special Representative Agreements (QSR)
An agreement between brokers and/or dealers to settle a transaction without using the NASDAQ ACT system. Under a QSR, the brokers and/or dealers agree to settle the trade directly through the National Securities Clearing Corporation.
Clearing Member Trade Agreements (CMTA)
A clearing member trade agreement (CMTA) is an arrangement by which an investor may enter trades with a limited number of different brokers and later consolidate these trades at the with one broker for clearing. With a CMTA in place, the one broker will present all the trades to the clearinghouse for settlement.