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Any person, other than a bank, engaged in the business of buying or selling securities on its own behalf or for others. See: Dealer.


A person or, more often, a firm that acts as a broker for some transactions and a dealer for others. That is, as a broker, he/she conducts transactions on behalf of clients, and, as a dealer, he/she trades on his/her own account. In practice, most brokerages are in fact broker-dealer firms. Most broker-dealers must register with the SEC.


A firm that functions both as a broker by bringing buyers and sellers together and as a dealer by taking positions of its own in selected securities. Many firms that are commonly called brokers or brokerage firms are actually broker-dealers.


A broker-dealer (B/D) is a license granted by the Securities and Exchange Commission (SEC) that entitles the licensee to buy and sell securities for its clients' accounts. The firm may also act as principal, or dealer, trading securities for its own inventory.

Some broker-dealers act in both capacities, depending on the circumstances of the trade or the type of security being traded. For example, your order to purchase a particular security might be filled from the firm's inventory.

That's perfectly legal, though you must be notified that it has occurred. B/Ds range in size from independent one-person offices to large brokerage firms.

References in periodicals archive ?
Brecek will maintain his role as President, allowing him to more fully pursue his passion for building the broker dealer and strengthening relationships with independent representatives.
Headquartered in Folsom, CA with a Midwest office in Cincinnati, OH, Brecek & Young is a full service broker dealer and investment advisory firm that services the needs of individuals and corporations nationwide.
In addition to aspiring to exceed broker dealer service standards, Madison Avenue Securities also specializes in helping registered representatives supervise their equity-indexed annuity business as recommended by the NASD.
FSX is a national organization of Independent NASD Broker Dealer firms, whose purpose is to bring NASD member firms together to share information, provide education and showcase investment opportunities.
Winebrenner Capital Partners LLC, founded in 1999, is a full-service broker dealer and investment banking firm that specializes in raising capital for rapidly growing businesses.
Our commitment to the 401(k) industry is to create and deliver online tools that add value to everyone in the marketplace," Lynch added, " and 401kX Portal Services is the latest innovation that underscores our commitment to "re-intermediate" the value added services of the Broker Dealer and Financial Advisors.
amp;uot;There is a wide discrepancy in the quality of technology found at larger broker dealers and the technology at smaller firms.
OatsTalk leverages Windows DNA 2000 architecture and securities industry standard messages supported by BizTalk to deliver a low cost compliance solution for broker dealers.
Wilson, President, Prudential Select Brokerage, the annual Variable Strategies Forum and the surveys are "designed to assist our independent general agency partners to better serve the needs of independent broker dealers and their registered representatives in selling variable products.
Based in London, the Exchange offers institutional fund managers and broker dealers the opportunity to trade directly with each other, with equal and anonymous access to the market.
Ward Rotter, the chief financial officer of Point West Capital, a financial services firm, stated that Point West Capital viewed the expansion of its financial services into the broker dealer business to be synergistic with its other businesses and that it saw opportunity in light of the recent consolidation of broker dealers, especially in the San Francisco Bay area.