What is a Cage?
A cage is a department in a brokerage firm.
How Does a Cage Work?
The cage is a physical location in which people at a brokerage firm handle physical securities and certificates. The location is called a cage because it usually has bars or other barriers to prevent other people from entering and exiting, and it usually has a vault.
Why Does a Cage Matter?
The cage is a crucial part of any brokerage firm's operations because it ensures that clients' physical certificates are kept safe and sound, and that the right securities are exchanged in transactions.
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