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Broker-dealer: Difference between revisions
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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. | 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 agents and 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]]. | ||
===[[Foreign broker-dealer]]s and [[registered broker-dealer]]s=== | ===[[Foreign broker-dealer]]s and [[registered broker-dealer]]s=== | ||
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*{{tag|Rule 15a-6}} | *{{tag|Rule 15a-6}} | ||
===Do not confuse with=== | |||
*[[Prime broker]] | |||
{{client money and cash brokerage}} | {{client money and cash brokerage}} | ||