【高頻考點】CFA一級必考之Brokers and Dealers

來源: 正保會計網(wǎng)校編輯：任鈺琪 2021/04/20 18:10:54　字體：大小

在CFA一級Equity這個科目中有這樣兩個概念：Brokers和Dealers。中文翻譯過來是經(jīng)紀人、交易商的意思。那么這兩個詞到底有什么區(qū)別呢？可以混用嗎？下面我們就來辨析一下。

在教材中，對Brokers是這樣描述的：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. 也就是說，Brokers不和投資者買賣股票，只負責撮合交易，賺取手續(xù)費。

教材對Dealers 的描述是這樣的：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. 也就是說，Dealers 是作為交易對手方，和投資者進行交易的，賺取交易差價。

所以，Brokers和Dealers還是有本質(zhì)區(qū)別的，同學們要注意區(qū)分。

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