The concept that equity analysts should be separated from investment banking departments in order to ensure that there is a fair separation of interests and job function between investment banker and securities analyst. The notion of the "wall" is meant to minimize potential conflicts of interests (e.g. during the underwriting process) and prevent insider trading. Direct Public Offering (DPO) - Companies sell shares directly to the public without the use of underwriters. These offerings are extremely small, illiquid, and risky.

An invisible communication barrier between the investment banking, research and trading departments of a bank or broker. Erected to prevent the sharing of inside information.

A term used to describe procedures enforced within a securities firm that separate the firm's departments to restrict access to non-public, material information, in order to avoid the illegal use of inside information.

A ‘Chinese Wallâ€(tm) separates two departments within an investment bank to ensure that conflicts of interest do not arise.

Process designed to restrict the flow of information between various parts of a securities firm to ensure that material, non-public information regarding a security is not inappropriately shared.  Chinese walls are sometimes referred to as “information barriers” or “ethical walls.”  See:  INSIDER TRADING; RULE 10b-5.

an internal measure adopted by a firm to ensure that information gained while acting for one client does not leak to people in another part of the same firm who are acting for another client to whom that information may be highly relevant

A system designed to restrict the flow of information between us and other operating areas of MLIM. This minimises any potential conflicts of interest and helps us to maintain client confidentiality. Cost Estimate The more information that is provided about a restructuring, then the greater the accuracy of the estimate (including both direct and indirect costs.) When obtaining estimates from a number of potential transition managers it is important to ensure that they have been calculated on a similar basis and that the information remains confidential. Crossing Crossing transactions are deals undertaken with other investors, usually at mid-market prices, away from the normal market. Crossing is particularly cost effective as transactions are often dealt at nil or minimal rates of commission, and indirect costs such as spread and market impact are eliminated.

An imaginary “wall” comprising procedures and policies adopted to avoid conflicts of interest within an organisation (e.g. to separate the stockbroking and investment management operations of a financial services group).

The imaginary wall that separates the research departments from the underwriting departments at an investment bank.

A theoretical barrier within a securities firm, which is designed to prevent fraud. One part of the firm may not pass on price-sensitive information to another if it is against a client's interest. The process of matching, guaranteeing and registering transactions.

The term used for the separation between two parties, for instance, an in-house bid team and the clientside team for the sake of propriety.

The imaginary wall between two different areas of a securities firm or bank, denoting a commitment in one area not to disclose confidential information to another.

A barrier placed between two arms of a business so that they work independently of each other to avoid conflicts of interest. Chinese walls are often necessary in financial institutions – for example between the corporate finance and fund management sides of an investment bank, to ensure there is no risk of the fund managers benefiting from inside information or of helping their corporate finance colleagues out when a new issue of shares is going badly.

A barrier against information flows between different divisions or operating groups within banks and securities firms. Examples include a policy barrier between the trust department from making investment decisions based on any substantive inside information that may come into the possession of other bank departments. The term also refers to barriers against information flows between corporate finance and equity research and trading operations.

The physical and regulatory separation between the public and inside areas of a bank.

an imaginary "wall" of protocols within an organisation to avoid any conflicts of interest

Separation of different activities in an investment bank, eg investment management, corporate finance and broking. Aims to prevent confidential information passing from one area to another.

A term used to describe procedures enforced within a securities firm that separate the firm's departments to restrict access to non-public, material information. The procedures help NASD members avoid the illegal use "inside" information.

The Chinese wall is a barrier between the investment banking, corporate finance and research departments of a brokerage house and the sales and trading departments of that firm. The purpose of this barrier between these departments is to prevent the sharing of or inappropriate access to material, non-public information regarding publicly traded companies. To preclude the sales and trading side of the firm from gaining access to sensitive, market-moving information on impending takeovers, new stock and bond issues, and other deals from the investment banking side before the general investing public, SEC rules mandate that a communications barrier exists between the two sides.

In business, Chinese Walls are information barriers implemented within firms to separate and isolate persons who make investment decisions from persons who are privy to undisclosed material information which may influence those decisions.