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A stockbroker sells or buys stock on behalf of a customer.
The stockbroker works as an agent matching up stock buyers and sellers.
However, in the 1820s a shift to New York City began and for more than one hundred and fifty years Wall Street has been synonymous with the stockbrokerage business.
A number of firms rose to prominence over that time with the top-ranked brokerages in the early 1950s being: Since the 1980s stockbroking firms have also been allowed to be market makers as long as the appropriate Chinese walls are put in place.
It typically refers to a room where tele-marketers work, often selling stocks, and using unfair, dishonest sales tactics, sometimes selling fraudulent stocks.
The term carries a negative connotation, and is often used to imply high-pressure sales tactics and sometimes, poor working conditions.
Transactions by stockbrokers in the US and UK In the US: When acting as an agent, the stockbroker typically charges the client a flat fee and/or a percentage-based commission for undertaking the trade, and the price quoted the client must be the best price available in the market.
In 1790, the country's first stock exchange was founded there and Chestnut Street was home to the nation's most powerful financial institutions.
Today, most of the once well-known corporate brand names including mid-sized firms such as Smith Barney have been swallowed up by global financial conglomerates.
Discount brokers (such as E-Trade, Scottrade, and TD Ameritrade) have taken a large share of the business by offering highly discounted commissions, but the companies do not offer investment advice in return--all they do is execute orders.
Some traits of a boiler room include presenting only good news about the stock to be sold, and discouraging outside research by customers or brokers working there.
The term is likely to have originated from the cheap, hastily arranged office space used by such firms, often just a few desks in a the basement or utility room of an existing office building.