Western Account

An offering of a new issue in which underwriters are liable for placing only a certain percentage of the total offering. An underwriting firm is not liable for placing unsold portions of the issue from other underwriters. For instance, suppose an underwriting firm is responsible for placing 15% of an issue and does so. If the entire issue is not placed, the firm is not responsible for placing any of the unsold portion of the issue. This contrasts with an Eastern account, in which the whole syndicate of underwriters is jointly and severally responsible.

单词	western account
释义	Western Account Western Account An offering of a new issue in which underwriters are liable for placing only a certain percentage of the total offering. An underwriting firm is not liable for placing unsold portions of the issue from other underwriters. For instance, suppose an underwriting firm is responsible for placing 15% of an issue and does so. If the entire issue is not placed, the firm is not responsible for placing any of the unsold portion of the issue. This contrasts with an Eastern account, in which the whole syndicate of underwriters is jointly and severally responsible.
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