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Definition of 'Broker-Dealer'

A Broker-Dealer is an individual or company which buys and sells securities and acts as both the broker and the dealer in the transaction.

A broker acts as your agent when you are trading stocks or futures and will not take ownership of the financial instruments that you sell and will not own what you buy. A dealer will buy and sell directly to you and take the other side of the transaction. Someone who does both is a Broker-Dealer.

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