DEALER – A person or firm that engages in the business of underwriting, trading and selling securities for its own account acting as principal.  A person or firm engaged in the business of effecting principal trades in municipal securities is known as a “municipal securities dealer.”  Although for purposes of the Securities Exchange Act of 1934 the term “dealer” generally does not include a bank, the term “municipal securities dealer” expressly does include a bank, or a separately identifiable department or division of a bank, that is engaged in underwriting, trading and selling municipal securities for its own account, other than in a fiduciary capacity.  In colloquial usage, these terms are used to refer to both securities firms and dealer banks.  Compare:  BROKER.  See:  BROKER-DEALER; DEALER BANK.