A broker-dealer is a company that trades in securities for customers as well as for its own account. In the United States, a broker-dealer has to be registered with the Financial Industry Regulatory Authority. When executing trade orders on behalf of a customer, the institution is said to be acting as a broker. When executing trades for its own account, the institution is said to be acting as a dealer. Securities bought from clients or other firms in the capacity of dealer may be sold to clients… (More on Broker-dealer)