BROKER – A person or firm that acts as an intermediary by purchasing and selling securities for others rather than for its own account through agency trades.  A broker engaged in the business of effecting agency trades in municipal securities is known as a “municipal securities broker.”  For purposes of the Securities Exchange Act of 1934, the terms “broker” and “municipal securities broker” generally do not include a bank.  Compare:  BROKER’S BROKER; DEALER.  See:  BROKER-DEALER.