Definition of a stock Broker: Who buys or sells shares and other securities through market makers on behalf of the investors. They are qualified and regulated professionals.

Eligibility of a stock broker: If you want to become a stock broker, you have to pass the General Securities Representative Exam (which is also known as the “series 7 exam”).

Different types of services: There must me be two members of the exchange to make a transaction in the stock exchange. A general person may not go to the New York Stock Exchange and ask to trade stock. In that case exchange must be done through a broker. Three types of stock broking services you can see in the market:

  • Execution-only, that means broker will only listen to the instruction of the clients and will buy or sell the stock. He will give no advice to you.
  • Advisory dealing, where the broker will give advice to the client which stocks the client should sell or buy but he will leave the final decision to the investor.
  • Discretionary dealing, in this type, the stockbroker will ascertain the client’s investment objectives and then will make all the dealing decisions on the client’s behalf.

In addition to it when actually trading happens the stock brokers may offer advice to their clients on which stock, mutual funds or securities to buy.

Brokerage Terms:

Front Office: In the front office you will be able to see the sales staff, brokers and traders. Acquisition and entry of orders, fulfillment of the orders, and all the regulatory reporting for the orders, these are the functions which are included in the front office.

Back Office : In the back the clearance processing of the trades is done. Transfer of securities and money and the tracking of “failure to deliver” are handled. Securities lending for a brokerage firm, wherein shares of a security that is being sold short are located to ensure they can be delivered, is usually included in the back office as well.

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