Back Office

What is the back office?

The department in a financial institution that processes and deals and handles delivery, settlement and regulatory procedures. (Source: CFTC)

In banking the back office is the heavyweight IT processing systems that handle position keeping, clearance, and settlement. In investment firms, the back office is the administrative functions that support the trading of securities, including recordkeeping, trade confirmation, trade settlement, and regulatory compliance. If used in sales, the back office fulfills customers’ orders and may usually perform the duties involved in customer support call centers. (Source: Wikipedia)