And just so you know, a prime brokerage account is just like a brokerage account, but it's a brokerage account for big guys.

That's all a prime brokerage is.

So I'll give it back to my brokerage.

Or he expects 5.00 to be deposited in his brokerage account.

It's a brokerage account for people managing 100 million and not their E Trade account.

So this is my brokerage, this is my broker, and this is me right here.

And the way I do that is I go to my brokerage so let me draw some diagrams.

And then this syndicate of banks, led by the lead underwriter, will then sell it to their brokerage clients.

And then what he does is, he takes this share of IBM and then gives it to the brokerage to pay off his liability.

Or they're selling their services I mean, usually they're brokerage services, so they're trying to get people to transact, they're actually brokers on some level.

So I will go out, spend 50, get back a share, and then give that share back to the brokerage, give it back to that guy.

They write these research reports because they want to go to institutional investors or people who have their brokerage accounts with these banks, and essentially sell them stock.

So all of the people who trade through that bank, all of the institutional clients, all of the hedge funds that have their prime brokerage accounts at those banks.