Independent broker

Broker who determines prices for securities in the Regulated Market and in the Unofficial Market.

Like exchange brokers, independent brokers arrange securities transactions between the banks that are represented on the stock exchange. In contrast to exchange brokers, however, they are only authorized to determine prices in the Regulated Market and in the Unofficial Market, and not in the Official Market. They can trade for their own account, although they usually liquidate their positions at the end of each trading session.

Independent brokers are admitted to trading by the exchange operating board. They must demonstrate that they are responsible and reliable, and that they possess the necessary aptitude for exchange trading.

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