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Definition of Dealer
An entity that stands ready and willing to buy a security for its own account (at its bid price) or sell
A person or firm in the financial asset business who buys for his or her own account and then resells to customers, in contrast to a broker, who buys only on behalf of a customer.
Overnight, collateralized loan made to a dealer financing his position by borrowing from a
A market where traders specializing in particular commodities buy and sell assets for their
Over-the-counter options, such as those offered by government and mortgage-backed
A firm or individual that buys foreign exchange from one party and then sells it to
A broker who combines odd lots of securities from multiple buy or sell orders into round lots
Association of International Bond dealers.
A dealer's price to sell a security; also called the offer price.
A trade, quote, or market that does not originate with the dealer in question, e.g., "the bid is 98-10
After a Treasury auction, there will be many new issues in dealer's hands. As those issues are
The marketplace in which shares, options and futures on stocks, bonds, commodities and indices
The amount of securities believed to be available for immediate purchase, that is, in the
A reverse repurchase agreement between mortgage firms and securities dealers. Under the
A GNMA pass-through certificate backed by fixed rate mortgages with a 15 year maturity.
When the Fed offers to buy securities, to sell securities, to do repo, or to do reverses, it solicits
A dealer who agrees to sell at the bid price quoted by another dealer is said to "hit" that bid.
In the box
This means that a dealer has a wire receipt for securities indicating that effective delivery on them
For companies: Raw materials, items available for sale or in the process of being made ready for
International Swap dealers Association. Formed in 1985 to promote uniform practices in the writing,
Lender (Credit Insurance)
Individual or firm that extends money to a borrower with the expectation of being repaid, usually with interest. Lenders create debt in the form of loans. Lenders include financial institutions, leasing companies government lending agencies and automobile dealers.
Make a market
A dealer is said to make a market when he quotes bid and offered prices at which he stands
Margin account (Stocks)
A leverageable account in which stocks can be purchased for a combination of
Market impact costs
Also called price impact costs, the result of a bid/ask spread and a dealer's price concession.
National Association of Securities dealers Automatic Quotation System. An electronic quotation
The automatic quotation system of the National Association of Securities dealers, providing brokers and dealers with price quotations for over-the-counter stocks.
Markets in which each transaction is separately negotiated between buyer and seller (i.e.
Over-the-counter market (OTC)
A decentralized market (as opposed to an exchange market) where
In mutual funds, the ability to transfer shares between funds in the same family by
ealers in government bonds normally give price quotes in 32nds. To quote a bid or offer in 64ths, they
A legal document that must be filed with securities regulators in order to distribute securities, including mutual funds. Mutual fund dealers are required by law to distribute this document to investors before the purchase of any units. It contains all key information, such as investment objectives and strategies, risk factors and financial highlights.
Public Securities Administration (PSA)
The trade association for primary dealers in U.S. government
The bid and offered prices a dealer is willing to buy or sell at.
The bid and offer prices at which a dealer could do "size." Quotes in the brokers market may
An agreement with a commitment by the seller (dealer) to buy a security back from
Individual and institutional customers as opposed to dealers and brokers.
A run consists of a series of bid and offer quotes for different securities or maturities. dealers give to and
A bank that offers to pay different rates of interest on CDs of varying rates is said to "post a scale."
Seeking to obtain the best bid or offer available by calling a number of dealers and/or brokers.
On an exchange, the member firm that is designated as the market maker (or dealer for a listed
Specific issues market
The market in which dealers reverse in securities they wish to short.
A dealer that does business with retail but that concentrates more on acquiring and financing its own
Brokers, dealers, underwriters, and other knowledgeable members of the financial community; from
1) A dealer or customer who agrees to buy at another dealer's offered price is said to take that offer.
Technical condition of a market
Demand and supply factors affecting price, in particular the net position,
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