broker

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broker,

one who acts as an intermediary in a sale or other business transaction between two parties. Such a person conducts individual transactions only, is given no general authority by the employers, discloses the names of the principals in the transaction to each other, and leaves to them the conclusion of the deal. The broker neither possesses the goods sold nor receives the goods procured; brokers take no market risks and transfer no title to goods or to anything else. A broker earns a commission, or brokerage, when the contract of sale has been made, regardless of whether the contract is satisfactorily executed. The broker is paid by the party that started the negotiation. In practice, merchants and other salespeople act as brokers at times.

Brokers are most useful in establishing trade connections in those large industries where a great many relatively small producers (e.g., farmers) compete for a wide market. They operate in strategic cities and keep in active touch with the trade needs of their localities and with one another. They are important in determining prices, routing goods, and guiding production, and in those functions play a part similar to that of the highly organized exchanges. Brokers also negotiate trades in property not directly affecting production; examples are stockbrokers and real estate brokers.

Types of Brokers

Employment agents are really brokers, as they bring together the buyers and sellers of labor. Merchandise brokers arrange sales between manufacturers and wholesalers or retailers, between producers and users of raw materials, and sometimes between two manufacturers. Small concerns use retail brokers instead of maintaining their own sales forces. Insurance brokers bring together insurance companies and those who want insurance. They are most useful to those needing several types of insurance protection and to those whose large risks must be divided among many companies. Real estate brokers negotiate sales and leases of farms, dwellings, and business property and are often also insurance brokers. Ship brokers keep informed of the movement of vessels, of cargo space available, and of rates for shipment and sell this information to shippers. They serve tramp carriers in the main, inasmuch as the larger ship lines have their own agents. Such brokers also serve as post agents, in which capacity they settle bills for stores and supplies, pay the wages of the crew, and negotiate insurance for the vessel and cargo. They also arrange the sale of ships. In the organized markets, such as grain and stock exchanges, commission merchants and straight selling displace brokerage in large part, but between cities and where there is no active exchange, brokers in grain and other commodities are active. Members of organized exchanges usually act as commission merchants or trade on their own account. However, in the New York Stock Exchange a group of members called "floor brokers" perform the actual trading on the exchange floor for representatives of commission houses, taking no responsibility and receiving a small fee. In the United States, note brokers buy promissory notes from businessmen and sell them to banks. Traders in acceptances and foreign bills of exchange are known in the United States as acceptance dealers. Customs brokers are not actually brokers; they act as agents for importers in estimating duties and clearing goods. The pawnbrokerpawnbroker,
one who makes loans on personal effects that are left as security. The practice of pawnbroking is ancient, as is recognition of the danger it involves of oppressing the poor.
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 is a private money lender. Technology in the 1990s changed the nature and importance of some brokers, when the InternetInternet, the,
international computer network linking together thousands of individual networks at military and government agencies, educational institutions, nonprofit organizations, industrial and financial corporations of all sizes, and commercial enterprises (called gateways
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 allowed people to, for example, trade stocks and purchase insurance directly, without the aid (or with the minimum aid) of brokers.

broker

information broker

(1) A company that collects and sells personal information about individuals. Credit bureaus are prime examples, although other organizations specialize in this service. Also called a "data broker."

(2) An individual who searches for information for clients. Information brokers use various resources including the Internet, online services that specialize in databases, public libraries and books. They also make plain old-fashioned telephone calls. The word "broker" is a misnomer. Information retrieval consultant would be more accurate. Sue Rugge and Alfred Glossbrenner wrote an excellent book on the subject, "The Information Broker's Handbook." See Web search engines and online service.

message broker

A messaging system for applications that includes a message transport, rules engine and formatting engine. See messaging middleware.
References in periodicals archive ?
Based in Chicago, IL, Dunlap will report to Joseph Peiser, head of Broking for North America.
Dunlap joined Willis Towers Watson in December, 2016, serving as head of Casualty Construction Broking for North America.
It said that it has taken over We Care Insurance Broking Services and has also secured a license from the Insurance Regulatory and Development Authority of India (IRDAI) for the purpose.
Offering differentiated services in the highly competitive discount broking market, TradingBells provides zero brokerage on delivery-based transactions, and lower of Rs 20 or 0.01 per cent of the turnover per executed order for intraday and F&O transactions.
At a meeting held in Lagos on Thursday, officials of NAICOM and NCRIB agreed to set up an ad-hoc committee that will help ensure the parties remain on the same page in making policies for the broking sector.
Gill Broking helps traders by providing the best trading solutions and investors can now become successful traders.
Based at Thomas Carroll's headquarters in Caerphilly, he joins the group's board of directors to headup business insurance broking and claims management across south and west Wales, Herefordshire and London.
Howden, the retail broking arm of UK-based Hyperion Insurance Group having a global presence with over 3,800 employees, recently joined hands with Omans OTE Group, to launch its insurance broking business in Oman.
Last year, Howden Broking Group acquired a majority stake in New Generation Insurance Services LLC (NGIS) in Oman.
Ghost broking is the name given to a fraud used by conmen who sell fraudulent car insurance online - often with heavily discounted rates.
Willis Towers Watson, a leading global advisory, broking and solutions company, has appointed Neil Irwin as the new leader of the Central and Eastern Europe, Middle East, and Africa (CEEMEA) region.
While revenues dropped PS1.8million to PS435.4million over the period, underlying pre-tax profits rose 5.5 per cent to PS110.2 million thanks to a 10.4 per cent hike in its retail broking and travel business.