What is a ‘Dealer’
A dealer is a person or firm in the business of buying and selling securities for their own account, whether through a broker or otherwise. A dealer is defined by the fact that it acts as principal in trading for its own account, as opposed to a broker who acts as an agent in executing orders on behalf of its clients. A dealer is also distinct from a trader in that buying and selling securities is part of its regular business, while a trader buys and sells securities for his or her own account but not on a business basis.
While “dealer” is a separate registration category in the U.S., in Canada the term is used as the shortened version of “investment dealer,” which is the equivalent of a broker-dealer in the U.S.
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- What financing data reveal about dealer leverage – papers.ssrn.com [PDF]
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- Optimal dealer pricing under transaction uncertainty – link.springer.com [PDF]