Broker-dealer

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Broker-dealer

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

Broker-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.

broker-dealer

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.

Broker-dealer.

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 ?
The study found that the gap between Merrill Lynch and Warburgs and other securities houses has widened significantly, which reflects the huge structural changes and consolidation that have taken place in the industry over the past year.
Shinei-Ishino is a nonlisted smaller securities house based in Kobe and owned 44% by the Sakura Bank group.
on Monday obtained a license from the Financial Supervisory Agency to operate as a full-range securities house targeting individual and corporate clients in Japan beginning Tuesday, the company said.
The major Japanese banking group is expected to hold negotiations with Citigroup on a more detailed assessment of the assets of Nikko Cordial -- itself a major securities house in Japan -- with an eye to reaching an agreement sometime next month or after, according to the sources.
Matsumoto, 58, became a Nomura adviser in April last year after serving as senior managing director at the largest securities house in Japan.
The major securities house's stock was first listed on the TSE in November 1986.
securities house Lehman Brothers Holdings Inc., together with its Japanese holding company, invoked the Civil Rehabilitation Law.
securities house filed for bankruptcy protection Monday after bailout talks faltered over the weekend.
The Japanese unit of the U.S securities house Lehman Brothers Holdings Inc.
securities house Lehman Brothers Holdings said earlier Monday it filed for bankruptcy protection Monday as bailout talks faltered over the weekend.
securities house founded in 1850, said the Chapter 11 filing will not include its broker-dealer operations or other subsidiaries.
The Nagoya District Public Prosecutors Office suspects that the Nagoya-based midsize securities house carried out illegal operations in a systematic and malicious manner, the sources said.

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