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Broker-Dealers Regulation

In: Laws and Regulations in Global Financial Markets

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  • Roy Girasa

Abstract

Almost all trades of securities are accomplished through the services of brokers and dealers. In the United States, there are some 5,100 broker-dealers with over 600,000 registered representatives servicing 110 million customer accounts. Most brokerage firms are small with ten or less employees. The number of daily trades of securities may run into hundreds of millions of dollars or even trillions globally. Whenever significant amount of moneys are at stake, the spectra of fraud, incompetence, and mismanagement inevitably accompany them. Statutory and regulatory measures have been enacted to lessen the degree of harm that impacts the securities industry. In the preceding chapter on investment advisers, we examined the role of persons holding themselves out as experts assisting investors concerning their options in maximizing their monetary returns. In this chapter, we will review the regulation of persons who perform the services of purchasing and trading in securities and discuss the impact of the Dodd–Frank Act and other statutes on them. Often, securities firms both perform investment services and engage in trades of the many varieties of securities, which may engender many issues including potential conflicts of interest that may arise under such circumstances.

Suggested Citation

  • Roy Girasa, 2013. "Broker-Dealers Regulation," Palgrave Macmillan Books, in: Laws and Regulations in Global Financial Markets, chapter 0, pages 37-72, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-34546-2_2
    DOI: 10.1057/9781137345462_2
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