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{{a|g|}}The fees one pays a broker to buy or sell securities for one, or to a swap dealer or enter in to derivatives having an equivalent effect. | {{a|g|}}The fees one pays a [[broker]] to buy or sell [[securities]] for one, or to a [[swap dealer]] or enter in to [[Equity derivatives|derivatives]] having an equivalent effect. The strict difference is that cash brokerage is usually a form of [[commission]] — payable to an [[agent]] for brokering a transaction between two [[principal]]s, whereas synthetic brokerage is a [[fee]] paid to one’s [[principal]], the [[swap counterparty]] and is not, as such, a [[commission]] in that pure sense. | ||
But, unless you are in the habit of inviting pedants to dinner, the distinction is a fine one indeed | But, unless you are in the habit of inviting pedants to dinner, the distinction is a fine one indeed. | ||
{{sa}} | |||
*[[Principal]] and [[agent]] | |||
*[[Broker]] and [[dealer]] and that gruesome hybrid, the [[broker-dealer]] | |||
*[[Prime brokerage transactions]] |