SIPC's glossary of terms is intended to help investors, members, and other market participants gain a basic understanding of the terminology used in the Securities Investor Protection Act (“SIPA”) and the securities market generally. The brief definitions included in this glossary are intended for educational purposes only and are not comprehensive or official SIPC definitions. SIPC's Board of Directors does not review or adopt the definitions, which have no legal authority under SIPA, SIPC's rules, or any other federal securities laws or regulations. Many of these terms are also used in other segments of the securities industry and may have a different meaning when used in those other contexts. SIPC periodically reviews the glossary to respond to continued development and change in the industry. Please submit comments and suggestions using the SIPC's online contact form at Contact Us.