Intermediary

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Generally: one of the millions of agents, broker-dealers, advisers, software as a service providers, vendors, introducers and diverse other rentiers whose business model is to clip your ticket as it passes through their hands on the way to, um another intermediary.

Exchange-traded derivatives: A fancy word for an intermediate broker, or central counterparty, when you want to refer generically to either. Well, it beats “intermediate broker, clearing house or central counterparty as the case may be”, innit.

See also

• Ultimate client
• Software as a service
• Look, I tried