As some firms have memberships on several exchanges, and in the NASD and MSRB, one regulator is designated to a firm.
Principles buy and sell securities for their own account and risk.
Because most individuals and firms act as both brokers and dealers, the term broker-dealer is commonly used. The parameters of the bond are set forth in an agreement called an indenture. Stock A stock issued under an agreement that provides for fixed payments at scheduled intervals. A debenture stock is more similar to a preferred stock than a debenture. In the case of a company's liquidation, it is treated as an equity.