SPECULATOR is an investor who is willing to accept substantial risk for the possibility of a large return.
SPECIAL MEMORANDUM ACCOUNT (SMA) is a sub-account of a margin account for excess equity. It can be withdrawn or used to buy more securities.
TRUST ACCOUNT is a separate bank account, segregated from a brokers own funds, in which the broker is required by state law to deposit all monies collected for clients; in some states called an ESCROW ACCOUNT.
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