【高頻考點(diǎn)】CFA一級(jí)必考之Brokers and Dealers

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來(lái)源: 正保會(huì)計(jì)網(wǎng)校編輯：任鈺琪 2021/04/20 18:10:54　字體：大小

在CFA一級(jí)Equity這個(gè)科目中有這樣兩個(gè)概念：Brokers和Dealers。中文翻譯過(guò)來(lái)是經(jīng)紀(jì)人、交易商的意思。那么這兩個(gè)詞到底有什么區(qū)別呢？可以混用嗎？下面我們就來(lái)辨析一下。

在教材中，對(duì)Brokers是這樣描述的：Brokers are agents who fill orders for their clients. They do not trade with their clients. Instead, they search for traders who are willing to take the other side of their clients' orders. 也就是說(shuō)，Brokers不和投資者買(mǎi)賣(mài)股票，只負(fù)責(zé)撮合交易，賺取手續(xù)費(fèi)。

教材對(duì)Dealers 的描述是這樣的：Dealers fill their clients' orders by trading with them. When their clients want to sell securities or contracts, dealers buy the instruments for their own accounts. If their clients want to buy securities, dealers sell securities that they own or have borrowed. 也就是說(shuō)，Dealers 是作為交易對(duì)手方，和投資者進(jìn)行交易的，賺取交易差價(jià)。

所以，Brokers和Dealers還是有本質(zhì)區(qū)別的，同學(xué)們要注意區(qū)分。

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