A term used to describe the department of a brokerage firm that receives and distributes physical securities. The cage, as it is known within the industry, is a secure area within a brokerage firm where all physical securities and certificates are housed and stored for safe keeping for the firm and its clientele.


To ensure that security ownership standards are maintained, brokerages around the world keep cages within their offices to ensure that any and all physical issues are kept securely. Stock and bond certificates are viewed as a stored value of money, and thus if certificates are stolen or lost, individuals can stand to gain from the sale or redemption of these certificates.

  1. Security

    A financial instrument that represents an ownership position ...
  2. Bond

    A debt investment in which an investor loans money to an entity ...
  3. Physical Delivery

    Term in an options or futures contract which requires the actual ...
  4. Street Name

    When securities are held in the name of a broker or other nominee, ...
  5. Bearer Form

    A security not registered in the issuing corporation's books ...
  6. Broker

    1. An individual or firm that charges a fee or commission for ...
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