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At RW Smith, we are committed to transparency in the process. Below is a summary of some of our key policies and procedures:

Our Model

RW Smith is licensed as a fixed income interdealer broker authorized to transact business with broker-dealers, municipal securities dealers, dealer banks, sophisticated municipal securities professionals (SMMPs), and institutions. We:

  • Maintain a minimum net capital of $100,000;
  • Act as an agent or riskless principal in the purchase or sale of fixed income securities for a registered broker-dealer, municipal securities dealer, dealer bank, sophisticated municipal market professional (SMMPs), or institution;
  • Execute equally matched transactions contemporaneously;
  • Act in the limited agency capacity of providing anonymity, market information, order matching, and liquidity through the facilitation of transactions in the interdealer market;
  • Are compensated by a commission rather than a mark-up;
  • Do not have or maintain any securities in our proprietary or other accounts;
  • Do not carry any customer accounts; meaning specifically, we do not at any time receive or hold customer funds or safekeep customer securities;
  • Do not participate in syndicates;
  • Do not participate in the decision to buy or sell securities, exercise discretion as to the price at which a transaction is executed, or determine the timing of the execution.