【高频考点】CFA一级必考之Brokers and Dealers

来源: 正保会计网校编辑：任钰琪 2021/04/20 18:10:54　字体：大小

在CFA一级Equity这个科目中有这样两个概念：Brokers和Dealers。中文翻译过来是经纪人、交易商的意思。那么这两个词到底有什么区别呢？可以混用吗？下面我们就来辨析一下。

在教材中，对Brokers是这样描述的：Brokers are agents who fill orders for their clients. They do not trade with their clients. Instead, they search for traders who are willing to take the other side of their clients' orders. 也就是说，Brokers不和投资者买卖股票，只负责撮合交易，赚取手续费。

教材对Dealers 的描述是这样的：Dealers fill their clients' orders by trading with them. When their clients want to sell securities or contracts, dealers buy the instruments for their own accounts. If their clients want to buy securities, dealers sell securities that they own or have borrowed. 也就是说，Dealers 是作为交易对手方，和投资者进行交易的，赚取交易差价。

所以，Brokers和Dealers还是有本质区别的，同学们要注意区分。

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