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 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


See also