A
Broker-Dealer
Broker-dealer
Image 1 A person or firm in the business of buying and selling securities. Sometimes called an Agent when buying securities, and a Principal when selling them. Broker-dealers normally must register with the SEC, the appropriate securities board and any state in which they do business.
Image 2 Broker Dealers are a combination of the two, today more and more brokerage houses are dealers too (IPO's + Bond Issues).


Agent

Broker

Financial Supermarket

Front Running

Full Service Broker

Market Maker

SEC