BREAKING SYNDICATE
\bɹˈe͡ɪkɪŋ sˈɪndɪkˌe͡ɪt], \bɹˈeɪkɪŋ sˈɪndɪkˌeɪt], \b_ɹ_ˈeɪ_k_ɪ_ŋ s_ˈɪ_n_d_ɪ_k_ˌeɪ_t]\
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The process of disbanding the group of UNDERWRITERS involved in pricing, marketing, and distributing a NEW ISSUE of securities. Once the SYNDICATE is broken the underwriters are free to trade securities in the SECONDARY MARKET without restriction. A typical syndicate is broken 30 days after initial launch, though it can be broken earlier by mutual agreement of the underwriters.
By Henry Campbell Black
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