Hello YouTube, Todd Ault here, and Welcome to Wall Street Words! Today's Wall Street term is "Broker Dealer"
Wow, what an important word for me, because when I was 11 years old, I wanted to become a stockbroker and I did that at Dean Witter Rentals. Most of you probably don't even know who that is. What does the "Broker Dealer" do? Well, a "Broker Dealer" is a massive, important role in raising capital for companies, making markets, issuing research on the companies that they cover, giving investment advice to their clients who buy and sell securities. "Broker Dealers" have been around for a long time, really way back to the Buttonwood Agreement, which is another word. "Broker Dealers" have different specialties. There's big broker dealers like Goldman Sachs and there's small broker dealers you've never heard of that are a couple's main shop.
Broker Dealers' do a few functions that are critically important. When they make markets and Nasdaq stocks, they provide a "bid" and "ask" and they'll buy for their own account. That's called a "principle trade." They act as an agent for people like myself who call them up and say, buy me 100 shares of IBM. They're my "agent" in that transaction. They're trading for my account and not their account. "Broker Dealers" do underwritings, like the original company Goldman Sachs brought Ford Motor Company public. And there wasn't another company that went public that was automotive until Tesla about 10 years ago. "Broker Dealers" provide a function of providing research where they cover a company and tell them whether they're a good company to buy, or what they are compared to the market, how they're doing, etc. They also do underwritings where they take the risk of taking down stock to raise capital for a company and then bringing them public through an IPO. Today is "Broker Dealer", an important, critical component, of the US capital system in a way that the stock market functions with thousands of women and men that are investment professionals, the "Broker Dealers." Today's word is "Broker Dealer" and the original way I got in the business.
A broker-dealer (B-D) is a person or firm in the business of buying and selling securities for its own account or on behalf of its customers. 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 its clients, whereas it acts as a dealer, or principal when it trades for its own account. Broker-dealers fulfill several important functions in the financial industry. These include providing investment advice to customers, supplying liquidity through market making activities, facilitating trading activities, publishing investment research and raising capital for companies. Broker-dealers range in size from small independent boutiques to large subsidiaries of giant commercial and investment banks.
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Todd Ault and his Wall Street Words content is for informational purposes and is not intended to substitute for the advice of a licensed or certified attorney, accountant, financial advisor, or other certified financial professionals. Todd Ault and his Wall Street Words does not provide any investment, financial, accounting or other professional advice. The information provided is not intended to be an offer, solicitation or recommendation to buy or sell any investment instruments or enter into any other type of transaction."
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Wall Street Words word of the day = Broker Dealer
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