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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.

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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" and "people search." See people search.

(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.
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References in periodicals archive ?
You will need to probe further, however, because investment advisers and registered representatives are not mutually exclusive.
With the demise of SEC Proposed Rule 151A, many broker-dealers and their registered representatives are wondering, "So does that mean 05-50 is also dead?" The answer is a resounding NO!
Andrew Sansone, CFP[R], is a Registered Representative and Investment Advisory Representative of Securian Financial Services, Inc.
In addition, a former registered representative engaged in a pattern of recommending short-term trading of CEFs at the IPO in connection with customer accounts.
Gaudet was a Registered Representative with IIROC-regulated firms.
Although the industry has taken a hit due to the economic downturn as well as the events of September 11 (particularly in New York City), Wall Street is calling up another quarter million brokers who are currently studying to pass the General Securities Registered Representative Examination (Series 7 exam), the standard test that licenses stocks and commodities brokers.
The company said the new unit will leverage Primedia's existing financial trade publications, including Registered Representative and Trusts & Estates, and develop new print and online products targeted to brokers, bankers, financial planners, investors, financial organizations and investor relations professionals.
Prior to that, he was vice president and regional manager of Business Banking for Citizens Bank, and a registered representative for Fidelity Investments and John Hancock Financial Services.
States, a registered representative and tax preparer for Fiducial Inc., advocates working with a broker as opposed to online investing since the market's complexities might be too overwhelming for some people.
She started by registering as an investment adviser with the SEC and in Massachusetts, deciding not to become a broker/dealer registered representative. Meyer also added a part-time administrative employee to handle time-consuming tasks, such as recordkeeping, filing and photocopying.
Hammer has been an analyst with Seidman and Associates LLC since February 2008; served as the chief compliance officer and portfolio manager of Veteri Place Corporation, an affiliate of Seidman and Associates since March 2014; and been an independent registered representative of Northeast Securities Inc since March 2008.
'From helping a doctor in residency purchase a first home to navigating the challenges of owning an independent practice - and succession planning when it's time to retire - our advisors are positioned to help those in the medical industry no matter their financial need,' said Jerry Coleman, SunTrust Medical Specialty Group executive and registered representative of SunTrust Investment Services Inc.

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