An agency trade is when a firm buys or sells a security on behalf of a client to a third party. They will usually collect a commission for this service. During this transaction the firm does not own the security itself.
agency trade: broker 代替客户交易，broker并不拥有买卖的这些股票。
A principal trade is when a firm buys or sells securities from their own account. Anytime the firm is buying or selling from within their own inventories, it is a principal trade.
principal trade 从broker自己的库存里买卖。broker对这些股票是拥有的。
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发表于 2009-4-22 22:43
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