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{{anat|brokerage|}} | |||
An Intermediary acts as a full [[Principal]] if, even if at Buyer’s request, it purchases an Asset from Seller for its own account (the Principal Purchase). A full Principal may (but need not) also enter a swap contract with Buyer paying the return of the same Asset (Asset Swap). | An Intermediary acts as a full [[Principal]] if, even if at Buyer’s request, it purchases an Asset from Seller for its own account (the Principal Purchase). A full Principal may (but need not) also enter a swap contract with Buyer paying the return of the same Asset (Asset Swap). | ||
*Under the Asset Swap, Buyer may take full economic exposure to the Asset; | *Under the Asset Swap, Buyer may take full economic exposure to the Asset; | ||