Broker-dealer
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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 2022, 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
