09:55 Dec 20, 2011 

This is asset management and proprietary trading and the best translation here IMHO is definitely cash holdings in this context. However, looked at from an administrative back office viewpoint and an accounting viewpoint, those same giacenze would be referred to as deposits on accounts.
BTW no brokers in the context at all.

09:48 Dec 20, 2011 

Here is the whole sentence:
le giacenze sono essenzialmente da collegare all’attività di gestione in cambi che ha avuto un peso importante nella generazione dei ricavi poi calato considerevolmente a favore dell’attività di trading. l "back office" amministrativo è stato profondamente riorganizzato e si esclude che fenomeni di giacenza di fondi possano essersi verificati, sia in relazione all’attività di trading che di quella di gestione.

09:47 Dec 20, 2011 

i.e. a fund then "cash holdings" makes perfect sense. If financial markets are performing badly, then it makes no sense to invest, so the manager *holds* on to the *cash*. If it is a brokerage, a broker should not be speculating with a client's cash (unless instructed to do so) and if he is speculating with his own cash, then that is not brokering but proprietary trading. This could be an investment bank, in which case cash holdings are possible. Thing is that in retail banking I am very used to translating "giacenze" as deposits in accounts, because that is where "cash holdings" are held (deposited in bank accounts of various types), hence the "I agree with you BUT".
Maybe Volgil is working from a pdf or paper and can't copy and paste!

09:35 Dec 20, 2011 

if a broker uses cash deposits to speculate on the currency markets, then the resulting gains wouldn't be cash deposits as they weren't deposited by its customers, surely?

09:34 Dec 20, 2011 

Can't you just copy and paste? Typically asset managment companies have cash holdings, brokers don't.

09:29 Dec 20, 2011 

brokers at this point - lights are on believe me but am still at the reading through stage :-)

09:18 Dec 20, 2011 

is an often used, but in my view poor and lazy translation of intermediario finanziario, which could be a bank, a stock brokerage or a fund manager. Please copy and paste, switch the light on, we can't see and if we can't see, we can't help you.

09:14 Dec 20, 2011 

it is a financial intermediary

09:11 Dec 20, 2011 

The whole sentence together with the preceding and following sentences is common practice. What kind of company is this? Is it an ordinary company, a bank or a fund management company? Etc.