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Broker Dealer Approval

Home  /  Financial Institutions  /  2020 Broker Dealers  /  Broker Dealer Approval

Treasurer Conyears-Ervin is the state’s Chief Investment Officer and Chief Banking Officer. The Office of the Chicago City Treasurer ("Treasurer") manages an investment portfolio of approximately $7.978 billion. As such, our office seeks to work with qualified brokers/dealers that can execute trades and facilitate transactions that provide the highest return using authorized instruments. 

 

If your brokerage firm seeks to do business with the Treasurer, please follow the following step-by-step process. 

 

Become an Approved Broker Dealer
  • In order to conduct business with the Treasurer, firms must first become an approved broker dealer.

  • Firms are selected according to their (1) creditworthiness, and (2) their financial significance in Chicago, which is measured by the location of the firm’s corporate office, the number of full-time employees, and/or the extent to which the firm has an economic presence in the City.

  • The firm’s staff involved in executing trades need to be registered in the City of Chicago.

  • Note that the Treasurer seeks work with qualified broker dealers that can demonstrate or attest that:

    • (1) greater than 50% of the ownership interest of the firm is held by minority, female, veteran, and/or disabled persons ("MWVD"), OR

    • (2) greater than 50% of the firm’s senior managers are minority, female, veteran, and/or disabled persons. Visit the Equity, Diversity & Inclusion page for more info.​ 

 

STEP 1: Review Investment Policy Statements

 

Broker/dealers must independently review the Investment Policy StatementThis ensures that the firm’s investment products are consistent with the policies of the Treasurer.

 

STEP 2: Financial Review by the Treasurer

 

All information may be subject to independent verification by the Treasurer. The Treasurer reserves the right to request additional information from the firm prior to acceptance as a counterparty qualified to do business. The internal due diligence process typically takes up to six to eight weeks.

 

STEP 3: Final Notification and Account Authorization Agreement

 

​Upon passing the internal review process, the firm will be notified and provided a copy of the Account Authorization Agreement. This form must be signed, submitted and filed with both parties before the firm can attempt to execute a trade.

 

STEP 4: Addition to the Approved Broker/Dealer List

 

The firm will then be added to the list of Approved Broker/Dealers. Periodic financial reviews are performed on all broker/dealers that are included on the Approved List.

             
              Get Started Here
 
 
 
Post Approval
- Changes made to the status of a broker/dealer will be reflected on the Treasurer’s website.
The Treasurer may conduct broker/dealer due diligence visits to verify background information, confirm compliance with our guidelines, view company operations, and discuss special company initiatives.
For broker/dealers claiming special status as a minority, woman, veteran, or disabled-owned and/or managed firm, audits may be conducted by the Treasurer through which said firms may be required to furnish proof/documentation (i.e. birth certificate, military discharge, disability letter, etc.) attesting to the veracity and accuracy of the claimed status at any time

Connect with City Treasurer

Quick Links

Chicago City Hall

121 N LaSalle St, Room 106

Chicago, IL 60602

 

Phone: 312 -744 -3356

Email: city.treasurer@cityofchicago.org

> Advancing Equity in Banking Commission

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