of general equities, "make stock available for sale to indicatedbuyers." British clearers The large clearing banks that dominate deposit taking and short-termlending in the domestic sterling market. Broad-Base Generally referring to an index, it indicates that the index is composed of a sufficient number of stocks or of stocks in a variety of industry groups. See also: Narrow-Based. Broad Market Usually refers to indices such as the Wilshire 5000 that track the performance of 5,000 securities, rather than the more narrow measures such as the Dow Jones Industrial Average and the S&P 500. Broad tape An expanded version of the ticker tape, which is displayed on a screen in the board room of a brokerage firm and shows constantly updated financial information and news. Broken up Used for listed equity securities. Prevented from executing a trade (committed to upstairs) due to exchange priority rules excluding one's order (e.g., higher bid/lower offer on floor, market order to satisfy). Broker An individual who is paid a commission for executing customer orders. Either a floor broker who executesorders on the floor of the exchange, or an upstairs broker who handles retail customers and their orders. Also, person who acts as an intermediary between a buyer and seller, usually charging a commission. A "broker" who specializes in stocks, bonds, commodities, or options acts as an agent and must be registered with the exchange where the securities are traded. Antithesis of dealer. Broker-dealer Any person, other than a bank, engaged in the business of buying or selling securities on its own behalf or for others. See: Dealer. Broker loan rate Related: Call money rate. Brokered CD A certificate of deposit issued by a bank or thrift institution bought by a brokerage firm in bulk for the purpose of reselling to brokerage customers. A broker CD features a higher interest rate, usually 1% higher, and are FDIC insured and do not usually have commissions. Brokered market A market in which an intermediaryoffers search services to buyers and sellers. Brokers' loans Money borrowed by brokers from banks for uses such as financing specialists's inventories of stock, financing the underwriting of new issues of corporate and municipal securities, and financing customer margin accounts. Brought over the wall Compelling a research analyst of an investment bank to work in the underwriting department for a corporate client, therefore allowing for the transmission of insider information. Also called "Over the Chinese wall". Brussels Stock Exchange (BSE) Stock exchange that handles the majority of securitiestransactions in Belgium. Bubble theory A theory under which security prices sometimes move wildly above their true values, or the price falls sharply until the "bubble bursts". It is also possible for a bubble to deflate gradually. Budget A detailed pro forma schedule of financial activity, such as an advertising budget, a sales budget, or a capital budget. Budget authority Broad responsibility conferred by Congress that empower government agencies to spend federal funds. Congress can specify criteria for the spending of these funds. For example, it may stipulate that a given agency must spend within a specific year, number of