Brokerage Firm. A firm in the business of buying and selling securities, operating as both a broker and a dealer, depending on the transaction
The term broker-dealer is used in U.S. securities regulation parlance to describe stock brokerages, because most of them act as both agents and principals. A brokerage acts as a broker (or agent) when it executes orders on behalf of clients, whereas it acts as a dealer (or principal) when it trades for its own account.
- Office of Financial Research (OFR) Annual Report, 2012, Glossary
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