| PDF Title | : | Equity Markets in Action |
| Author | : | Robert A. Schwartz |
| Language | : | English |
| Publisher | : | Wiley.com |
| Format | : | |
| Total Page | : | 483 Pages |
| PDF Size | : | 2.13 MB |
| PDF Link | : | Read and Download |
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“A broker is an exchange member who acts as an intermediary between an investor and an exchange. Brokers do not take orders on their own books, but merely route them to a market. A broker acts as an agent, in his or her own name, on the client’s account.
Brokers are responsible for knowing their customers and for delivering either cash or shares if a customer fails to do so. In other words, these intermediaries must stand behind their customers. For their services, brokers receive a brokerage fee (commission).
To fulfill his or her role, a broker operates a cash and securities account in the name of the investor. A major asset for a broker is his or her receipt of order flow, and thus his or her portfolio of customers. Intermediaries also supply marketability services to public investors by trading in their own names on their own accounts.
When an intermediary does so, he or she is termed a market maker or dealer. The distinction between a market maker and a dealer is that the former is contractually committed to provide liquidity to a marketplace by putting up quotes on both sides of the market (one to buy and one to sell).
The market maker is also required to maintain a fair and orderly market. A dealer has no such obligation.”
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