In the broadest sense, a term for an intermediary who receives and balances buy and sell orders on the exchange: who executes buy or sell orders for customers on the exchange (any person who, in or surrounding any pit, ring, post, or other place provided by a contract market for the meeting of persons similarly engaged, shall purchase or sell for any other person any commodity for future delivery, security futures product, or swap; or any commodity option). In the narrower sense, in Germany, a publicly appointed person who is responsible for price fixing on the official market at the stock exchange, then also called a price broker. – In the USA, brokers are also referred to differently depending on the type of stock exchange, for example – Account Executive (AE), – Associated Person (AP: an individual who solicits or accepts orders, discretionary accounts, or participation in a commodity pool, or supervises any individual so engaged, on behalf of a futures commission merchant, a commodity trading advisor, a commodity pool operator, or an agricultural trade option merchant), – Registered Commodity Representative (RCR); as a rule, they must first submit to arbitration in the event of disputes; their respective duties are precisely defined in the relevant exchange rules. – In Germany, off-exchange transactions (all transactions that are not included in the order book of a price broker or a lead broker and thus do not result in a stock exchange price) of a broker are also subject to supervision by the Federal Financial Supervisory Authority. – See watch list, stock exchange work booths, stock exchange visitors, misstatement, money pool, commission house, card stack, backdrop, price broker, kuxkränzler, local, broker, market, official, over-the-counter trading, ragion book, sanction committee, lead broker, Springer. – Cf. on supervisory law the respective annual report of BaFin.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/