broker-dealers
Trade execution firms
Broker-dealers are financial firms or individuals that engage in securities transactions both for clients and for their own accounts.
Acting as a broker, they execute trades on behalf of customers and earn commissions; acting as a dealer, they buy and sell securities from their own inventory for profit.
In the United States, broker-dealers must register with the SEC and FINRA.
Most major investment banks operate as broker-dealers.
Notice recommending action
- wealth managementOverseeing affluent clients' finances
- researchSystematic fact-finding effort
- IPOFirst public stock offering
- portfolioCollected works or assets
retirement accounts · mutual funds · ETFs · fixed income · equities · derivatives · options · asset allocation
Tradeable financial assets
- stocksOwnership stakes or inventory
- bondsTies that unite
- executionCompleting a planned task
- clearingTreeless space in forest
settlement · spread · liquidity · proprietary · principal · agency · transactions · commissions
Stock market regulator
- FINRABrokerage self-regulatory body
- registrationFormal recording of participation
- complianceAdhering to requirements
- licensingGranting official permission
fiduciary · disclosure · audit · examination · enforcement · self-regulatory · AML · supervision
Securities underwriting firm
- Merrill LynchMajor American brokerage
- Morgan StanleyFinancial services multinational
- Goldman SachsInvestment banking powerhouse
- underwritingRisk evaluation and acceptance
Charles Schwab · syndicate · retail · institutional · introducing · carrying · independent · custodian
advisory
Notice recommending action
- wealth managementOverseeing affluent clients' finances
- researchSystematic fact-finding effort
- IPOFirst public stock offering
portfolio · retirement accounts · mutual funds · ETFs · fixed income · equities · derivatives · options · asset allocation · financial planning
securities
Tradeable financial assets
clearing · settlement · spread · liquidity · proprietary · principal · agency · transactions · commissions · inventory
SEC
Stock market regulator
- FINRABrokerage self-regulatory body
- registrationFormal recording of participation
- complianceAdhering to requirements
licensing · fiduciary · disclosure · audit · examination · enforcement · self-regulatory · AML · supervision · suitability
investment bank
Securities underwriting firm
- Merrill LynchMajor American brokerage
- Morgan StanleyFinancial services multinational
- Goldman SachsInvestment banking powerhouse
Charles Schwab · underwriting · syndicate · retail · institutional · introducing · carrying · independent · custodian · revenue
- Stock MarketsNYSE, NASDAQ, Tokyo Stock Exchange, stock exchange, Wall Street
- OTC tradingpink sheets, market makers, price negotiation
- securitiessecurities, shares, equities, bonds, stocks