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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 ?
In order, the next seven placed securities houses were ABN Amro, HSBC Securities, Salomon Smith Barney, BT.
A report by a third-party investigative panel set up by Maruhachi showed that former adviser to the securities company Norio Yoshida, who was chairman at the time of the incident, said he wanted the securities house to ''issue many buy orders (for the KS Frozen Foods shares) as the lead manager while being aware of the initial public offering price.
The two signed a basic accord on July 12 when Daiwa, Japan's second-biggest securities house, obtained 1.
The irregularities surfaced in August when the securities house found suspicious transactions in its regular checkup at the branch.
the second-largest shareholder in the securities house with a 3.
on Monday became Japan's first major securities house to disclose earnings estimates, saying both its group revenues and profit are believed to have risen in the first half of fiscal 2005.
In October, a public auction which was set up made the choice of securities houses for the loans, which were issued between 2005 and 2011.
Two new securities houses joined the financial center (Julius Baer Investments and ES Bank Panama ).
Consumer finance firms, securities houses and glass makers led the market's decline, while utilities, oil distributors and miscellaneous products makers posted gains.
But some banks and securities houses have made a modest turnaround from the lows seen earlier in the current recession.
As in other countries, Germany's banks, securities houses, and insurance companies are competing for the same clients by offering a full range of financial products and marketing channels.

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