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{{ | {{a|brokerage|}}An investment firm that acts both as a [[broker]] (or {{tag|agent}}) when it executes orders on behalf of clients, and also as a [[dealer]] (or {{tag|principal}}), when it trades for its own account. | ||
The term {{tag|broker-dealer}} is used in US securities regulation (and in ISDA {{tag|netting}}) parlance to describe stock brokerages, because most of them act as both [[agent|agents]] and [[principal|principals]]. | The term {{tag|broker-dealer}} is used in US securities regulation (and in ISDA {{tag|netting}}) parlance to describe stock brokerages, because most of them act as both [[agent|agents]] and [[principal|principals]]. | ||
==Murica]]== | ==[[Murica]]== | ||
===[[Foreign broker-dealer]]s and [[registered broker-dealer]]s=== | ===[[Foreign broker-dealer]]s and [[registered broker-dealer]]s=== | ||
A [[foreign broker-dealer]] (foreign being from the perspective — is there another? — of the [[United States of America]]), means that poor, huddled mass of international [[broker|brokers]] and [[dealer|dealers]] who were turned away, or never arrived, at Ellis Island and have not subsequently been registered with the {{tag|Securities and Exchange Commission}}. A [[registered broker-dealer]] denotes one of those blessed souls who have. | A [[foreign broker-dealer]] (foreign being from the perspective — is there another? — of the [[United States of America]]), means that poor, huddled mass of international [[broker|brokers]] and [[dealer|dealers]] who were turned away, or never arrived, at Ellis Island and have not subsequently been registered with the {{tag|Securities and Exchange Commission}}. A [[registered broker-dealer]] denotes one of those blessed souls who have. | ||