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Definition of 'Firewall'
Legal barriers that prevent both the transference of inside information and the performance of financial transactions between commercial and investment banks.
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Investopedia explains 'Firewall'
Restrictions placed on collaborations between banks and brokerage firms under the Glass-Steagall Act of 1933, acted as a form of firewall.
This works similarly to fire wall software and hardware used in preventing or limiting outside access to a company's internal servers and networks.
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Established in 1933 and repealed in 1999, the Glass-Steagall Act had good intentions but mixed results.
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Banks are a part of ancient history. Find out how this system of money management developed into what we know today.
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