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johnjacobjingle's picture

"Dealer-Broker" at Lehman? What is that?

by johnjacobjingle (Monkey, 40 Banana Points Points) on 9/15/08 at 6:42pm

I'm really confused by what the press is talking about when they say "dealer-broker" about Lehman? I would have guess brokers, but what is is exactly?

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by Cornelius (Senior Orangutan, 384 Banana Points Points) on 9/15/08 at 7:30pm

brokers execute orders on behalf of their customers (retail and institutional investors)

dealers trade for themselves (market maker function)

firms that do both are known as broker-dealers

..never heard of dealer-brokers

can you post the link to where it says that?