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Broker-dealer: Difference between revisions
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A [[foreign broker-dealer]] (foreign being from the perspective of the United States of America), means that poor, huddled mass of international | 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. | |||
===[[Foreign broker-dealer]]s and [[registered broker-dealer]]s=== | |||
A [[foreign broker-dealer]] (foreign being from the perspective of the [[United States of America]]), means that poor, huddled mass of international brokers and 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. | |||
Of much interest to those wanting to handle or "effect" transactions in securities with [[US person]]s. The {{tag|SEC}} has lots of rules about this, and as you can probably imagine they're entirely simple, clear and easy to formulate. | Of much interest to those wanting to handle or "effect" transactions in securities with [[US person]]s. The {{tag|SEC}} has lots of rules about this, and as you can probably imagine they're entirely simple, clear and easy to formulate. | ||