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Finance Dictionary and Glossary of Investment Terms
broker/dealer
Definition 1.
Any individual or firm in the business of buying and selling securities for itself and others. Broker/dealers must register with the SEC. When acting as a broker, a broker/dealer executes orders on behalf of his/her client. When acting as a dealer, a broker/dealer executes trades for his/her firm's own account. Securities bought for the firm's own account may be sold to clients or other firms, or become a part of the firm's holdings.
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Definition 2.
NASD member firms that act as securities dealers or brokers, or perform both functions. (See broker, dealer)
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