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 December 2016, 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