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• n  a financial specialist who trades for his own account and so acts both as a broker and principal

• But there was one smaller broker-dealer that bucked the trend and actually saw its stock price rise for the day: Jefferies Group, a firm run by a former Drexel Burnham Lambert hand .
• To Congress last week SEC also sent its long-awaited, highly-involved study of the broker-dealer, plumping for segregation of the two functions.
• Soon to be broached to the Exchange, therefore, are: 1) a depository for customers' funds now kept helter-skelter in brokerage houses; 2) a trial segregation of broker-dealer .

News & Articles

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• KBW Announces Quarterly Index Rebalancing and Constituent Changes
  Keefe, Bruyette & Woods, Inc., a full-service, boutique investment bank and broker-dealer that specializes in the financial services sector, and a wholly owned subsidiary of Stifel Financial Corp.
  June 14, 2013 - Business Wire via Yahoo! Finance
• Fla.-Based Broker-Dealer Arrested in NY Bribe Case
  Feds: Fla. broker-dealer arrested in $5M NY bribery case involving Venezuelan banking official        
  June 13, 2013 - ABC News
• FL-based broker-dealer arrested in NY bribe case
  The Miami branch manager of a New York broker-dealer has been arrested on charges related to an international bribery scam being prosecuted in New York.
  June 13, 2013 - WFLX FOX 29

Quotes

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• Andrew Cuomo in Reuters
  An unlicensed intermediary working with a broker-dealer partnered with the chief political operative at the comptroller's office in New York to split profits from corrupt pension fund deals,Cuomo said in a statement.
• William Galvin in Reuters
  Returning funds to aggrieved investors was a top priority in bringing this action for unlawful conduct against the broker-dealer, which has a significant presence in the Commonwealth,Galvin said in a statement.
• Sarah Steelman in Globes
  Missouri State Treasurer Sarah Steelman said, "I made the decision to divest after learning that the State of Missouri was doing business with BNP Paribas which lent $1 billion dollars to Iran. We kicked them off our broker-dealer list and put in...