A separate account used by brokers to keep their customers' money separate from the firm's money. This is done for a few reasons, including creating a clear separation between the two groups of money so neither is used for the wrong purpose, and also to insure that the money can be easily identified as belonging to customers in case anything happens to the firm (such as bankruptcy).
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Definition of segregated account: An account in which a customer's funds are held separate from the funds of the brokerage firm.
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