How securities brokers/dealers, investments banks and organized exchanges differ from financial intermediaries?
Context Introduction:
A broker or a dealer is a person or a company that is in the business of buying and selling securities such as stocks, bonds, mutual funds, and certain other investment products on behalf of its customers acting as a broker and for its own account acting as a dealer, or both. An investment bank is an intermediary between security issuers and investors, does underwriting and acts as a broker/advisor to others for raising their funds and getting higher
A financial intermediary is an entity that acts as a middleman between two parties in a financial transaction, such as a commercial bank, investment banks, mutual funds and pension funds.
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Economics of Money, Banking and Financial Markets, The, Business School Edition (4th Edition) (The Pearson Series in Economics)
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