Defined in the UCC (www.practicallaw.com/1-382-3891) as:
A clearing corporation.
A person, including a bank or broker (www.practicallaw.com/0-382-3288), that in the ordinary course of its business maintains securities accounts (www.practicallaw.com/6-382-3803) for others and is acting in that capacity.
(UCC § 8-102(14).)
Article 8 of the UCC uses the concept of securities intermediary relating to a secured party taking a security interest in a securities account held by a securities intermediary. For more information on security interests in securities accounts, see Practice Note, Security Interests: Investment Property (www.practicallaw.com/8-382-3067).