Glossary of Municipal Securities Terms

BROKER

(1) A person or firm that is engaged in the business of effecting securities transactions for the account of others. A broker engaged in the business of effecting such transactions in municipal securities is known as a “municipal securities broker.” Broker is defined in the Securities Exchange Act of 1934

(2) Commonly used to refer to a registered representative or a municipal securities representative who interacts directly with a customer.

See: BROKER-DEALER. Compare: BROKER’S BROKER; DEALER.

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