DEALERS

When you think about buying stocks, you probably think "broker." And for good reason: that is the professional who interacts most with the public, taking "buy" or "sell" orders from clients.  But there is another group of investment professionals out there that most investors never even think about.  These experts buy and sell millions of shares of stock a day, effectively naming the price the rest of us will pay or receive. They are the dealers. 

Defining Dealers and What They Do Dealers Compared to Brokers How Dealers Are Compensated Where Dealers Trade Dealers Are Not Brokers

Let's start by defining dealers and how they conduct their business.