What do Back and Middle offices refer to?

When there is a job offer for back and middle offices for finance companies dealing with insurance, investment, etc what does that mean?

From wikipedia:

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 record keeping, trade confirmation, trade settlement, and regulatory compliance. If used in sales, the back office fulfills customers鈥?orders and may usually perform the duties involved in customer support call centers.

The middle office is the group of employees in a financial services company that manages risk, calculates profits and losses, and (generally) is in charge of information technology. The middle office draws on the resources of both the front office (sales personnel and corporate finance) and the back office (administration and support).

Tags

　　Investment Management 　　Investment Information 　　Investment Group 　　Investment Firms 　　Investment Company 　　Investment Calculator 　　Investment Bank 　　Investment Advice 　　Investment Account

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