MIR-B.2.6

Past version: Effective from 15 Dec 2009 to 31 Mar 2013
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"Dealer" means a person acting as a principal in a securities transaction. Principals trade for their own account and risk. When buying from a broker acting as a dealer, the customer receives securities from the member's inventory; the confirmation must disclose this when dealers trade for their own account, as part of their responsibility for maintaining an orderly market. Since most brokerage firms operate as both brokers and principals the term "broker-dealer" is commonly used.

Adopted January 2010