Broker-dealer 99%

The hyphenated name reflects the two distinct capacities in which these firms operate:

: The firm trades for its own account, buying and selling from its own inventory. They often profit from the "spread" —the difference between the purchase and sale price. Key Functions and Services broker-dealer

: They provide liquidity to the markets by standing ready to buy or sell specific securities at any time. The hyphenated name reflects the two distinct capacities

: They assist companies in raising capital by helping to sell new issues of stocks or bonds to the public. : They assist companies in raising capital by

: Many provide research and guidance to clients on which securities to buy or sell.

: They are responsible for the safekeeping of client funds and securities. Regulation and Oversight

Beyond simple trade execution, modern broker-dealers perform several critical roles: