what the hell is a broker?
*please excuse me if this is a noob question...
What the hell is a broker in BB? Im talking about the guys who take out people to fancy dinners or sporting events. Is a broker=sales?
what does a brokerage firm do?
thanks
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ya essentially a broker is a sales guy. They connect buy side clients to either a seller or buyer of whatever security they are in. A broker's broker connects brokers to other brokers, used mainly to connect banks trading their own book(big banks, etc) to other brokers.
This is useful in connecting parties during price discovery and getting color in markets that are not very visible: Corporate bonds being a great example.
Many times(depending on product dealt in) the broker will need to have a solid foundation in analyzing the securities, enough to sell them at least, and a good level of sales skills.
hope that helps a little,
"Broker" is a relic of the 90s. At a BB you are either in Sales, Trading, or Research. Sounds like you are talking about Sales. In which case, your job is to sell the firm's trading and research capabilities to buy side clients.
Whoa whoa whoa. Easy with that "relic" shit.
haha - I meant the word "broker" is a relic, not you.
A broker is a guy who sells equities in Dallas and is aptly named because he is going to be "broker" than us HWPS => GS TMT => H/S MBA => KKR/TPG/BX PE guys will ever be.
To add to the above, brokerages facilitate trades between dealer firms. Certain dealers don't want their contrasides to know who they are so for example hedge fund MBS Caspian wants to buy 100MM of whatever without telling the market their fund is going long on that security, so they trade through the brokerage in ordrer to remain anonymous. Another advantage is this way the hedge fund won't have to have a costly account at DTCC, which the brokerage will have.
what are some names of brokerage firms? BB's?
My man, you need to start reading up on this stuff. Follow this blog for a few weeks, search for topics that interest you, and show some initiative. You will not get a foot in the door let alone survive or dominate until you become more proactive.
some BB's to get you started
Goldman Sachs JP Morgan Morgan Stanley Deutche Bank Citi
BB = Bulge Bracket. They are the biggest, but not necessarily the best depending on what you're trying to do.
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