Broker

Brokerage Anatomy™ →This page on the premium JC {{{2}}} FIA/ISDA documentation | Index: Click ᐅ to expand: Brokerage Trading capacities: Principal | Undisclosed principal Riskless principal | Agent | Undisclosed agent Broker types: Broker | Dealer | Broker/dealer | Executing broker | Clearing broker | Prime broker | FCM | CCP Clearing: Clearing overview | How clearing works | What gets cleared? | Who clears? | Clearing documentation Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

Strictly speaking, an investment firm which handles client orders for transactions in securities as an agent. To be contrasted with a dealer, who trades in the market as a principal in its own right.

More commonly referred to as a broker-dealer, seeing as most firms act as both.

Curiously one may speak of an executing broker but not an executing dealer, and even if you did, you would be talking of a quite different beast to a prime broker, which is neither, really, a broker or a dealer.

See also

• Broker-dealer