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Municipal and Government Securities Dealers

A national bank or federal savings association may choose to register as either a municipal securities dealer or a government securities dealer or both. Generally, bank dealer activities include underwriting, dealing in, and trading with or on behalf of customers. Registered bank dealer activities expose the bank to significant compliance and reputation risk. These activities also expose the bank to transaction risk from securities processing, credit risk from issuers or counterparties, and price risk from maintaining a securities inventory.

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