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
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.