For both the buy and sell side, the terms front office, middle office, and backoffice are often used, usually without great precision (see Figure 4.1). We use these terms as well, but we employ fixed definitions as described in the three subsections that follow. We use these categories to group functions in the buy and sell sides.
Figure 4.1.1 Functions on the Street are grouped into three major categories to distinguish the target of each function within buy-side and sell-side firms.
We believe that we use these terms in a way that is in keeping with common usage, but we do not know of any fixed definitions we can adopt. Therefore, ...