Broker-dealer

A market participant which undertakes proprietary trading, as well as acting as an intermediary.

In the UK, the term 'broker-dealer' is often used interchangeably with a 'designated investment firm' as recognised by the Prudential Regulation Authority (PRA).

As at January 2021, the PRA recognised eight designated investment firms:

• Barclays Capital Securities Limited
• Citigroup Global Markets Limited
• Credit Suisse Securities (Europe) Ltd
• Goldman Sachs International
• Merrill Lynch International
• MUFG Securities EMEA plc
• Morgan Stanley & Co. International Plc
• Nomura International Plc

See also

• Big Bang
• Broker
• Dealer
• Designated investment firm
• Interdealer broker
• Investment bank
• Price discovery
• Proprietary trading
• Prudential Regulation Authority
• SMF participant