Agency:

(1) Government Securities issued by entities other the U.S. Treasurey

(2) A transaction in which the broker-dealer acts as agent (Broker). See also. Agent.

Agent:

A securities firm acting on behalf of a client. The agent act as intermediary between buyer and seller, undertaking no financial risk, and, and charging commission. (vs. Principal. See also: Broker.

Principal:

A transaction in which a securities firm buys or sells for its own account (vs. agent). See also Dealer:

Dealer:

A firm that buys and sells securities for its own account rather than an agent. The dealer’s profit or loss is the difference between the price it pays and the price it receives for the same security. The dealer’s confirmation must disclose to customers that the dealer has acted as a principal. A firm may function, at different times, either as a broker or dealer, but may not act as both in the same transaction.

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