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An Introduction to Trading in the Financial Markets: Market Basics by R. Tee Williams

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2

The Sell Side

Next, we look at the organizations that provide intermediary services, that is, the sell side. Sell-side firms provide both capital-raising and trading services to the buy side (see Figure 1.2).

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Figure 1.2 Sell-side firms act as intermediaries and financial guarantors for the trades of their customers.

Brokers, dealers, and broker/dealers

The sell side is composed of firms performing the functions of brokers and dealers. These functions are described in detail in Part 4, but briefly a broker (or agent) operates on behalf of investors or other brokers. Dealers act for their own benefit buying and selling as principals. Firms that ...

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