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class="vector-dropdown-label-text">Appearance</span> </label> <div class="vector-dropdown-content"> <div id="vector-appearance-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <div id="p-vector-user-menu-notifications" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-overflow" class="vector-menu mw-portlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class=""><span>Donate</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" 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data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-History_of_stock_broking" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History_of_stock_broking"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>History of stock broking</span> </div> </a> <ul id="toc-History_of_stock_broking-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Licensing_and_training_requirements" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Licensing_and_training_requirements"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Licensing and training requirements</span> </div> </a> <button aria-controls="toc-Licensing_and_training_requirements-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Licensing and training requirements subsection</span> </button> <ul id="toc-Licensing_and_training_requirements-sublist" class="vector-toc-list"> <li id="toc-Australia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Australia"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Australia</span> </div> </a> <ul id="toc-Australia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Canada" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Canada"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Canada</span> </div> </a> <ul id="toc-Canada-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hong_Kong" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Hong_Kong"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Hong Kong</span> </div> </a> <ul id="toc-Hong_Kong-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-India" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#India"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>India</span> </div> </a> <ul id="toc-India-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ireland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ireland"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Ireland</span> </div> </a> <ul id="toc-Ireland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-New_Zealand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#New_Zealand"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>New Zealand</span> </div> </a> <ul id="toc-New_Zealand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Singapore" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Singapore"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.7</span> <span>Singapore</span> </div> </a> <ul id="toc-Singapore-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-South_Africa" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#South_Africa"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.8</span> <span>South Africa</span> </div> </a> <ul id="toc-South_Africa-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-South_Korea" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#South_Korea"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.9</span> <span>South Korea</span> </div> </a> <ul id="toc-South_Korea-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.10</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.11</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Stockbroker</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" 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Available in 31 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-31" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">31 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Birja_brokeri" title="Birja brokeri – Azerbaijani" lang="az" hreflang="az" data-title="Birja brokeri" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Corredor_de_borsa" title="Corredor de borsa – Catalan" lang="ca" hreflang="ca" data-title="Corredor de borsa" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Burzovn%C3%AD_makl%C3%A9%C5%99" title="Burzovní makléř – Czech" lang="cs" hreflang="cs" data-title="Burzovní makléř" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/B%C3%B8rsm%C3%A6gler" title="Børsmægler – Danish" lang="da" hreflang="da" data-title="Børsmægler" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/B%C3%B6rsenmakler" title="Börsenmakler – German" lang="de" hreflang="de" data-title="Börsenmakler" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/B%C3%B6rsimaakler" title="Börsimaakler – Estonian" lang="et" hreflang="et" data-title="Börsimaakler" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A7%CF%81%CE%B7%CE%BC%CE%B1%CF%84%CE%B9%CF%83%CF%84%CE%AE%CF%82" title="Χρηματιστής – Greek" lang="el" hreflang="el" data-title="Χρηματιστής" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Agente_de_bolsa" title="Agente de bolsa – Spanish" lang="es" hreflang="es" data-title="Agente de bolsa" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Burtsa_agente" title="Burtsa agente – Basque" lang="eu" hreflang="eu" data-title="Burtsa agente" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%DA%A9%D8%A7%D8%B1%DA%AF%D8%B2%D8%A7%D8%B1_%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1_%D8%B3%D9%87%D8%A7%D9%85" title="کارگزار بازار سهام – Persian" lang="fa" hreflang="fa" data-title="کارگزار بازار سهام" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Agent_de_change" title="Agent de change – French" lang="fr" hreflang="fr" data-title="Agent de change" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%A3%BC%EC%8B%9D_%EC%A4%91%EA%B0%9C%EC%9D%B8" title="주식 중개인 – Korean" lang="ko" hreflang="ko" data-title="주식 중개인" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B6%E0%A5%87%E0%A4%AF%E0%A4%B0_%E0%A4%AC%E0%A5%8D%E0%A4%B0%E0%A5%8B%E0%A4%95%E0%A4%B0" title="शेयर ब्रोकर – Hindi" lang="hi" hreflang="hi" data-title="शेयर ब्रोकर" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Agente_di_cambio" title="Agente di cambio – Italian" lang="it" hreflang="it" data-title="Agente di cambio" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%91%D7%A8%D7%95%D7%A7%D7%A8" title="ברוקר – Hebrew" lang="he" hreflang="he" data-title="ברוקר" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%B6%E0%B3%87%E0%B2%B0%E0%B3%81_%E0%B2%A6%E0%B2%B2%E0%B3%8D%E0%B2%B2%E0%B2%BE%E0%B2%B3%E0%B2%BF" title="ಶೇರು ದಲ್ಲಾಳಿ – Kannada" lang="kn" hreflang="kn" data-title="ಶೇರು ದಲ್ಲಾಳಿ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Broker" title="Broker – Dutch" lang="nl" hreflang="nl" data-title="Broker" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Aksjemegler" title="Aksjemegler – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Aksjemegler" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Makler_papier%C3%B3w_warto%C5%9Bciowych" title="Makler papierów wartościowych – Polish" lang="pl" hreflang="pl" data-title="Makler papierów wartościowych" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Corretor_de_bolsa" title="Corretor de bolsa – Portuguese" lang="pt" hreflang="pt" data-title="Corretor de bolsa" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%91%D0%B8%D1%80%D0%B6%D0%B5%D0%B2%D0%BE%D0%B9_%D0%BC%D0%B0%D0%BA%D0%BB%D0%B5%D1%80" title="Биржевой маклер – Russian" lang="ru" hreflang="ru" data-title="Биржевой маклер" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Stockbroker" title="Stockbroker – Simple English" lang="en-simple" hreflang="en-simple" data-title="Stockbroker" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Burzov%C3%BD_makl%C3%A9r" title="Burzový maklér – Slovak" lang="sk" hreflang="sk" data-title="Burzový maklér" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/Berzanski_posrednik" title="Berzanski posrednik – Serbian" lang="sr" hreflang="sr" data-title="Berzanski posrednik" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Broker" title="Broker – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Broker" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/B%C3%B6rsm%C3%A4klare" title="Börsmäklare – Swedish" lang="sv" hreflang="sv" data-title="Börsmäklare" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Borsa_acentesi" title="Borsa acentesi – Turkish" lang="tr" hreflang="tr" data-title="Borsa acentesi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-tk mw-list-item"><a href="https://tk.wikipedia.org/wiki/Makler" title="Makler – Turkmen" lang="tk" hreflang="tk" data-title="Makler" data-language-autonym="Türkmençe" data-language-local-name="Turkmen" class="interlanguage-link-target"><span>Türkmençe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%91%D1%96%D1%80%D0%B6%D0%BE%D0%B2%D0%B8%D0%B9_%D0%B1%D1%80%D0%BE%D0%BA%D0%B5%D1%80" title="Біржовий брокер – Ukrainian" lang="uk" hreflang="uk" data-title="Біржовий брокер" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/M%C3%B4i_gi%E1%BB%9Bi_ch%E1%BB%A9ng_kho%C3%A1n" title="Môi giới chứng khoán – Vietnamese" lang="vi" hreflang="vi" data-title="Môi giới chứng khoán" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E8%AF%81%E5%88%B8%E7%BB%8F%E7%BA%AA%E4%BA%BA" title="证券经纪人 – Chinese" lang="zh" hreflang="zh" data-title="证券经纪人" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q4182927#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" 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.infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox"><caption class="infobox-title">Stockbroker</caption><tbody><tr><td colspan="2" class="infobox-image"><span typeof="mw:File"><a href="/wiki/File:Stockbroker.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Stockbroker.jpg/250px-Stockbroker.jpg" decoding="async" width="250" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Stockbroker.jpg/375px-Stockbroker.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/67/Stockbroker.jpg/500px-Stockbroker.jpg 2x" data-file-width="1024" data-file-height="768" /></a></span><div class="infobox-caption">A <a href="/wiki/Stock_trader" title="Stock trader">stock trader</a> with a <a href="/wiki/Multi-monitor" title="Multi-monitor">multi-monitor</a> workstation, including a <a href="/wiki/Bloomberg_Terminal" title="Bloomberg Terminal">Bloomberg Terminal</a></div></td></tr><tr><th colspan="2" class="infobox-header">Occupation</th></tr><tr><th scope="row" class="infobox-label">Names</th><td class="infobox-data">Stockbroker<br />Investment advisor<br />Share broker<br />Registered representative<br />Trading representative<br />Investment broker<br />Investment adviser<br />Financial adviser<br />Wealth manager<br />Investment professional</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Occupation type</div></th><td class="infobox-data">Profession</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Activity sectors</div></th><td class="infobox-data"><a href="/wiki/Finance" title="Finance">Finance</a></td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist 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a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r886047488">.mw-parser-output .nobold{font-weight:normal}</style><table class="sidebar nomobile nowraplinks plainlist"><tbody><tr><th class="sidebar-title" style="background:#cce;margin-bottom:0.4em;"><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></th></tr><tr><td class="sidebar-image" style="background:white;margin-bottom:0.4em;"><span typeof="mw:File"><a href="/wiki/File:Coin_of_Maximian.jpg" class="mw-file-description" title="Coin issued during the reign of the Roman emperor Maximian"><img alt="Coin issued during the reign of the Roman emperor Maximian" 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href="/wiki/Credit_card" title="Credit card">Credit card</a></li> <li><a href="/wiki/Unsecured_debt" title="Unsecured debt">Unsecured personal loan</a></li> <li><a href="/wiki/Rent-to-own" title="Rent-to-own">Rent-to-own</a></li> <li><a href="/wiki/Student_loan" title="Student loan">Student loan</a></li> <li><a href="/wiki/Pawnbroker" title="Pawnbroker">Pawn</a></li> <li><a href="/wiki/Title_loan" title="Title loan">Title loan</a></li> <li><a href="/wiki/Payday_loan" title="Payday loan">Payday loan</a></li> <li><a href="/wiki/Refund_anticipation_loan" title="Refund anticipation loan">Refund anticipation loan</a></li> <li><a href="/wiki/Refinancing" title="Refinancing">Refinancing</a></li> <li><a href="/wiki/Debt_consolidation" title="Debt consolidation">Debt consolidation</a></li> <li><a href="/wiki/Debt_rescheduling" title="Debt rescheduling">Debt rescheduling</a></li> <li><a href="/wiki/Bankruptcy" title="Bankruptcy">Bankruptcy</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e0e0ff;"> <a href="/wiki/Employment_contract" title="Employment contract">Employment contract</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.2em 0 0.8em;"> <ul><li><a href="/wiki/Salary" title="Salary">Salary</a></li> <li><a href="/wiki/Wage" title="Wage">Wage</a></li> <li><a href="/wiki/Salary_packaging" title="Salary packaging">Salary packaging</a></li> <li><a href="/wiki/Employee_stock_ownership" title="Employee stock ownership">Employee stock ownership</a></li> <li><a href="/wiki/Employee_benefits" title="Employee benefits">Employee benefits</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e0e0ff;"> <a href="/wiki/Retirement" title="Retirement">Retirement</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.2em 0 0.8em;"> <div class="hlist"> <ul><li><a href="/wiki/Pension" title="Pension">Pension</a></li></ul> </div><div class="hlist"> <ul><li><ul><li><a href="/wiki/Defined_benefit_pension_plan" title="Defined benefit pension plan">Defined benefit</a></li> <li><a href="/wiki/Defined_contribution_plan" title="Defined contribution plan">Defined contribution</a></li> <li><a href="/wiki/Social_pension" title="Social pension">Social pension</a></li></ul></li> <li><a href="/wiki/Social_security" class="mw-redirect" title="Social security">Social security</a></li></ul> </div></td> </tr><tr><th class="sidebar-heading" style="background:#e0e0ff;"> <a href="/wiki/Personal_budget" title="Personal budget">Personal budget</a> and <a href="/wiki/Investment" title="Investment">investment</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.2em 0 0.8em;"> <ul><li><a href="/wiki/Active_management" title="Active management">Active management</a></li> <li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Asset" title="Asset">Asset</a> <ul><li><a href="/wiki/Asset_allocation" title="Asset allocation">allocation</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">economics</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">growth</a></li></ul></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Cash" title="Cash">Cash</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Estate_planning" title="Estate planning">Estate planning</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">ETF</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_adviser" title="Financial adviser">adviser</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_independence" title="Financial independence">independence</a></li></ul></li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_performance" title="Investment performance">Investment performance</a></li> <li><a href="/wiki/Investment_style" title="Investment style">Investment style</a></li> <li><a href="/wiki/Investor_profile" title="Investor profile">Investor profile</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Passive_management" title="Passive management">Passive management</a></li> <li><a href="/wiki/Portfolio_optimization" title="Portfolio optimization">Portfolio optimization</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a class="mw-selflink selflink">Stockbroker</a></li> <li><a href="/wiki/Target_date_fund" title="Target date fund">Target date fund</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e0e0ff;"> <span class="nobold">See also</span></th></tr><tr><td class="sidebar-content hlist" style="padding:0.2em 0 0.8em;"> <ul><li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bank" title="Bank">Bank</a></li> <li><a href="/wiki/Citizen%27s_dividend" title="Citizen's dividend">Citizen's dividend</a></li> <li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Financial_deepening" title="Financial deepening">Financial deepening</a></li> <li><a href="/wiki/Financial_inclusion" title="Financial inclusion">Financial inclusion</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">Financial risk</a></li> <li><a href="/wiki/Fintech" title="Fintech">Fintech</a></li> <li><a href="/wiki/Guaranteed_minimum_income" title="Guaranteed minimum income">Guaranteed minimum income</a></li> <li><a href="/wiki/Market_impact" title="Market impact">Market impact</a></li> <li><a href="/wiki/Risk-return_spectrum" class="mw-redirect" title="Risk-return spectrum">Risk-return spectrum</a></li> <li><a href="/wiki/Social_dividend" title="Social dividend">Social dividend</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility (finance)</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Personal_finance" title="Template:Personal finance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Personal_finance" title="Template talk:Personal finance"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Personal_finance" title="Special:EditPage/Template:Personal finance"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>stockbroker</b> is an individual or company that buys and sells <a href="/wiki/Share_capital" title="Share capital">stocks</a> and other <a href="/wiki/Investment" title="Investment">investments</a> for a <a href="/wiki/Financial_market_participants" title="Financial market participants">financial market participant</a> in return for a <a href="/wiki/Commission_(remuneration)" title="Commission (remuneration)">commission</a>, <a href="/wiki/Markup_(business)" title="Markup (business)">markup</a>, or <a href="/wiki/Fee" title="Fee">fee</a>. In most countries they are regulated as a <a href="/wiki/Broker" title="Broker">broker</a> or <a href="/wiki/Broker-dealer" title="Broker-dealer">broker-dealer</a> and may need to hold a relevant license and may be a member of a <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchange</a>. They generally act as a <a href="/wiki/Financial_advisor" class="mw-redirect" title="Financial advisor">financial advisor</a> and <a href="/wiki/Investment_manager" class="mw-redirect" title="Investment manager">investment manager</a>. In this case they may also be licensed as a <a href="/wiki/Financial_adviser" title="Financial adviser">financial adviser</a> such as a <a href="/wiki/Registered_investment_adviser" title="Registered investment adviser">registered investment adviser</a> (in the United States). </p><p>Examples of professional designations held by individuals in this field, which affects the types of investments they are permitted to sell and the services they provide include <a href="/wiki/Chartered_Financial_Consultant" class="mw-redirect" title="Chartered Financial Consultant">chartered financial consultants</a>, <a href="/wiki/Certified_financial_planner" class="mw-redirect" title="Certified financial planner">certified financial planners</a> or <a href="/wiki/Chartered_financial_analyst" class="mw-redirect" title="Chartered financial analyst">chartered financial analysts</a> (in the United States and UK), <a href="/wiki/Chartered_Financial_Planner" title="Chartered Financial Planner">chartered financial planners</a> (in the UK). </p><p>In the United States, the <a href="/wiki/Financial_Industry_Regulatory_Authority" title="Financial Industry Regulatory Authority">Financial Industry Regulatory Authority</a> provides an online tool designed to help understand professional designations.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History_of_stock_broking">History of stock broking</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=1" title="Edit section: History of stock broking"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></div> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>(...) This enigmatic business [i.e. the inner workings of the <a href="https://nl.wikipedia.org/wiki/Beurs_van_Hendrick_de_Keyser" class="extiw" title="nl:Beurs van Hendrick de Keyser">stock exchange in Amsterdam</a>, primarily the practice of <a href="/wiki/Dutch_East_India_Company" title="Dutch East India Company">VOC</a> and <a href="/wiki/Dutch_West_India_Company" title="Dutch West India Company">WIC</a> stock trading] which is at once the fairest and most deceitful in Europe, the noblest and the most infamous in the world, the finest and the most vulgar on earth. It is a quintessence of academic learning and a paragon of fraudulence; it is a touchstone for the intelligent and a tombstone for the audacious, a treasury of usefulness and a source of disaster, (...) The best and most agreeable aspect of the new business is that one can become rich without risk. Indeed, without endangering your capital, and with out having anything to do with correspondence, advances of money, warehouses, postage, cashiers, suspensions of payment, and other unforeseen incidents, you have the prospect of gaining wealth if, in the case of bad luck in your transactions, you will only change your name. Just as the <a href="/wiki/Hebrews" title="Hebrews">Hebrews</a>, when they are seriously ill, change their names in order to obtain relief, so a changing of his name is sufficient for the speculator who finds himself in difficulties, to free himself from all impending dangers and tormenting disquietude.</p><div class="templatequotecite">— <cite><a href="/wiki/Joseph_de_la_Vega" title="Joseph de la Vega">Joseph de la Vega</a>, in his book <i>Confusión de confusiones</i> (1688), the earliest book about <a href="/wiki/Stock_trading" class="mw-redirect" title="Stock trading">stock trading</a><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p>The first recorded buying and selling of <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a> occurred in <a href="/wiki/Rome" title="Rome">Rome</a> in the 2nd century BC.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> After the <a href="/wiki/Fall_of_the_Western_Roman_Empire" title="Fall of the Western Roman Empire">fall of the Western Roman Empire</a>, stockbroking did not become a profession until after the <a href="/wiki/Renaissance" title="Renaissance">Renaissance</a>, when government <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> were traded in <a href="/wiki/Italian_city-states" title="Italian city-states">Italian city-states</a> such as <a href="/wiki/Genoa" title="Genoa">Genoa</a> and <a href="/wiki/Venice" title="Venice">Venice</a>.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> In 1602, the Amsterdam Stock Exchange (now <a href="/wiki/Euronext_Amsterdam" title="Euronext Amsterdam">Euronext Amsterdam</a>) became the first official <a href="/wiki/Stock_market" title="Stock market">stock market</a> with trading in shares of the <a href="/wiki/Dutch_East_India_Company" title="Dutch East India Company">Dutch East India Company</a>, the first company to issue stock.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In 1698, the <a href="/wiki/London_Stock_Exchange" title="London Stock Exchange">London Stock Exchange</a> opened at the <a href="/wiki/Jonathan%27s_Coffee-House" title="Jonathan's Coffee-House">Jonathan's Coffee-House</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> On May 17, 1792, the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> opened under a <a href="/wiki/Platanus_occidentalis" title="Platanus occidentalis">platanus occidentalis</a> (buttonwood tree) in <a href="/wiki/New_York_City" title="New York City">New York City</a>, as 24 stockbrokers signed the <a href="/wiki/Buttonwood_Agreement" title="Buttonwood Agreement">Buttonwood Agreement</a>, agreeing to trade five securities under that buttonwood tree.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Licensing_and_training_requirements">Licensing and training requirements</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=2" title="Edit section: Licensing and training requirements"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/List_of_securities_examinations" title="List of securities examinations">List of securities examinations</a></div> <div class="mw-heading mw-heading3"><h3 id="Australia">Australia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=3" title="Edit section: Australia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Up until January 1, 2019, investment professionals that offer financial advice in <a href="/wiki/Australia" title="Australia">Australia</a> had to pass training pursuant to <a href="/wiki/RG146" title="RG146">RG146</a>.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> They must hold an <a href="/wiki/Australian_Financial_Services_Licence" title="Australian Financial Services Licence">Australian Financial Services Licence</a> that is overseen by the <a href="/wiki/Australian_Securities_and_Investments_Commission" title="Australian Securities and Investments Commission">Australian Securities and Investments Commission</a>.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> They are subject to <a href="/wiki/Fiduciary" title="Fiduciary">fiduciary</a> obligations. </p><p>As of 2019, Australia's biggest online stockbroker was <a href="/wiki/Commonwealth_Securities" class="mw-redirect" title="Commonwealth Securities">Commonwealth Securities</a>, other large brokers were <a href="/wiki/Australia_and_New_Zealand_Banking_Group" class="mw-redirect" title="Australia and New Zealand Banking Group">ANZ Share Investing</a>, <a href="/wiki/National_Australia_Bank" title="National Australia Bank">nabtrade</a> and <a href="/wiki/Westpac" title="Westpac">Westpac Online Investing</a>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Canada">Canada</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=4" title="Edit section: Canada"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Canada" title="Canada">Canada</a>, to be licensed as a "registered representative" or an "investment advisor" and thus be qualified to offer investment advice and trade all instruments with the exception of derivatives, an individual employed by an investment firm must have completed the <a href="/wiki/Canadian_Securities_Course" class="mw-redirect" title="Canadian Securities Course">Canadian Securities Course</a>, the Conduct & Practices Handbook, and the 90-day Investment Advisor Training Program. Within 30 months of obtaining designation as a "registered representative", the registrant is further required to meet the post-licensing proficiency requirement to complete the Wealth Management Essentials course. A registered representative is also required to complete 30 hours of professional development (product knowledge) and 12 hours of compliance training every three year continuing education cycle as set out by the Investment Industry Regulatory Organization of Canada. To trade options and/or futures, a registered representative must pass the Derivatives Fundamentals Course in addition to the Options Licensing Course and/or the Futures Licensing Course, or alternatively, the Derivatives Fundamentals Options Licensing Course for options.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Hong_Kong">Hong Kong</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=5" title="Edit section: Hong Kong"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>, to become a representative one has to work for a licensed firm and pass 3 exams to prove competency. Passing a fourth exam results in obtaining a "specialist" license. All tests can be taken with the Hong Kong Securities Institute.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> After passing all tests, approval must be received by the <a href="/wiki/Securities_and_Futures_Commission" title="Securities and Futures Commission">Securities and Futures Commission</a>. </p> <div class="mw-heading mw-heading3"><h3 id="India">India</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=6" title="Edit section: India"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Share brokers in <a href="/wiki/India" title="India">India</a> are governed by the <a href="/wiki/Securities_and_Exchange_Board_of_India_Act,_1992" title="Securities and Exchange Board of India Act, 1992">Securities and Exchange Board of India Act, 1992</a> and brokers must register with the <a href="/wiki/Securities_and_Exchange_Board_of_India" title="Securities and Exchange Board of India">Securities and Exchange Board of India</a> (SEBI). The <a href="/wiki/National_Stock_Exchange_of_India" title="National Stock Exchange of India">National Stock Exchange of India</a> and the <a href="/wiki/Bombay_Stock_Exchange" title="Bombay Stock Exchange">Bombay Stock Exchange</a> via brokers, provide an ecosystem to investors to trade in capital markets through various channels - broker offices, investment advisor or screen-based electronic trading system. An individual employed by an investment firm must complete the National Institute of Securities Markets (NISM) exam and apply to SEBI for registration as an <b>Investment</b> Advisor.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Stock market advisory and research services are highly regulated in India. Only SEBI registered stock advisory and investment research analysts are allowed to do so. The complete details of these authorized persons are available on website of SEBI for protection of investors. </p> <div class="mw-heading mw-heading3"><h3 id="Ireland">Ireland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=7" title="Edit section: Ireland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The recognized benchmark designation for investment professionals in <a href="/wiki/Ireland" title="Ireland">Ireland</a> is the QFA ("qualified financial adviser") designation, which is awarded to those who pass the Professional Diploma in Financial Advice and agree to comply with the ongoing "continuous professional development" (CPD) requirements. The qualification, and attaching CPD program, meets the "minimum competency requirements" specified by the Financial Regulator, for advising on and selling five categories of retail financial products: </p> <ul><li>Stock shares, bonds, and other investment instruments</li> <li>Savings, investments, and pensions</li> <li>Mortgage loans</li> <li>Consumer credit</li> <li>Life insurance</li></ul> <p>As of 2019, <a href="/wiki/Davy_Group" title="Davy Group">Davy</a> and <a href="/wiki/Goodbody_Stockbrokers" title="Goodbody Stockbrokers">Goodbody</a> were Irish largest stockbrokers.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="New_Zealand">New Zealand</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=8" title="Edit section: New Zealand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/New_Zealand" title="New Zealand">New Zealand</a>, the <a href="/wiki/New_Zealand_Qualifications_Authority" title="New Zealand Qualifications Authority">New Zealand Qualifications Authority</a> oversees qualifications. The New Zealand Certificate in Financial Services (Level 5) is the minimum level of qualification necessary to offer investment advice.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Singapore">Singapore</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=9" title="Edit section: Singapore"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Singapore" title="Singapore">Singapore</a>, becoming a trading representative requires passing 4 exams, modules 1A, 5, 6 and 6A, from the Institute of Banking and Finance and applying for the license through MAS<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (August 2019)">clarification needed</span></a></i>]</sup> and SGX<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (August 2019)">clarification needed</span></a></i>]</sup>. </p> <div class="mw-heading mw-heading3"><h3 id="South_Africa">South Africa</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=10" title="Edit section: South Africa"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Johannesburg_Securities_Exchange" class="mw-redirect" title="Johannesburg Securities Exchange">Johannesburg Securities Exchange</a> rules require that member firms must be under the control of a "qualified stockbroker", who is also an <a href="/wiki/Executive_director" title="Executive director">executive director</a> of the firm; and branches, likewise managed. <sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> The South African Institute of Stockbrokers (SAIS) <sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> offers the six exams required to become such, a Certified Stockbroker, or CSb(SA), following 3 years' work experience, and with other educational requirements met.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> See also re. "Regulated Positions" and "Registered Persons" at The <a href="/wiki/South_African_Institute_of_Financial_Markets" class="mw-redirect" title="South African Institute of Financial Markets">South African Institute of Financial Markets</a>. (SAIS also offers the Financial Markets Practitioner <a href="/wiki/South_African_Qualifications_Authority#The_National_Qualifications_Framework" title="South African Qualifications Authority">vocational certification</a>.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup>) </p> <div class="mw-heading mw-heading3"><h3 id="South_Korea">South Korea</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=11" title="Edit section: South Korea"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/South_Korea" title="South Korea">South Korea</a>, the <a href="/wiki/Korea_Financial_Investment_Association" title="Korea Financial Investment Association">Korea Financial Investment Association</a> oversees the licensing of investment professionals. </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=12" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Stockbroking is a regulated profession in the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> and brokers must achieve a recognised qualification from the Appropriate Qualifications list of the <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a> (FCA).<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Chartered_Institute_for_Securities_%26_Investment" title="Chartered Institute for Securities & Investment">Chartered Institute for Securities & Investment</a> (CISI), established in 1992, is the largest UK professional body for investment professionals.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> It evolved from the London Stock Exchange, has around 45,000 members in over 100 countries and delivers more than 40,000 exams each year.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Qualifications include: the <a rel="nofollow" class="external text" href="https://www.cisi.org/cisiweb2/cisi-website/study-with-us/wealth-retail/investment-advice-diploma">CISI Level 4 Diploma in Investment Advice</a> and the <a rel="nofollow" class="external text" href="https://www.cisi.org/cisiweb2/cisi-website/study-with-us/wealth-retail">CISI Level 7 Diploma in Wealth Management</a> </p><p>CFA UK <sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> also offers various FCA Appropriate Qualifications.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> It represents the interests of around 12,000 investment professionals and is part of the worldwide network of members of the <a href="/wiki/CFA_Institute" title="CFA Institute">CFA Institute</a>.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=13" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Registered_investment_adviser" title="Registered investment adviser">Registered investment adviser</a></div> <p>The <a href="/wiki/Financial_Industry_Regulatory_Authority" title="Financial Industry Regulatory Authority">Financial Industry Regulatory Authority</a>, a <a href="/wiki/Self-regulatory_organization" title="Self-regulatory organization">self-regulatory organization</a>, regulates investment professionals in the <a href="/wiki/United_States" title="United States">United States</a>. Exams that individuals may take for accreditation include the <a href="/wiki/Series_7_exam" title="Series 7 exam">Series 7 exam</a>, the <a href="/wiki/Uniform_Securities_Agent_State_Law_Exam" title="Uniform Securities Agent State Law Exam">Uniform Securities Agent State Law Exam</a> (Series 63), the <a href="/wiki/Uniform_Combined_State_Law_Exam" title="Uniform Combined State Law Exam">Uniform Combined State Law Exam</a> (Series 66), and the <a href="/wiki/Uniform_Investment_Adviser_Law_Exam" title="Uniform Investment Adviser Law Exam">Uniform Investment Adviser Law Exam</a> (Series 65).<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>Individuals holding some of those licenses, such as the <a href="/wiki/Series_6_exam" title="Series 6 exam">Series 6 exam</a>, cannot be called stockbrokers since they are prohibited from selling stocks.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2020)">citation needed</span></a></i>]</sup> Selling variable products, such as a <a href="/wiki/Variable_annuity" class="mw-redirect" title="Variable annuity">variable annuity</a> contract or <a href="/wiki/Variable_universal_life_insurance" title="Variable universal life insurance">variable universal life insurance</a> policy, typically requires the broker to also have one or another state insurance department licenses. </p><p>Individuals and firms are regulated by the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> and laws related to the <a href="/wiki/Investment_Advisers_Act_of_1940" title="Investment Advisers Act of 1940">Investment Advisers Act of 1940</a>, including laws related to <a href="/wiki/Fiduciary" title="Fiduciary">fiduciary</a>. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=14" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png" decoding="async" width="30" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/45px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/59px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span></div> <div class="side-box-text plainlist">Wikimedia Commons has media related to <span style="font-weight: bold; font-style: italic;"><a href="https://commons.wikimedia.org/wiki/Category:Stockbrokers" class="extiw" title="commons:Category:Stockbrokers">Stockbrokers</a></span>.</div></div> </div> <ul><li><a href="/wiki/Boiler_room_(business)" title="Boiler room (business)">Boiler room (business)</a></li> <li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Prime_brokerage" title="Prime brokerage">Prime brokerage</a></li> <li><a href="/wiki/Securities_market" title="Securities market">Securities market</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stock_market" title="Stock market">Stock market</a></li> <li><a href="/wiki/Stock_market_data_systems" title="Stock market data systems">Stock market data systems</a></li> <li><a href="/wiki/Stock_trader" title="Stock trader">Stock trader</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stockbroker&action=edit&section=15" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFkomsan" class="citation web cs1">komsan, seksun. <a rel="nofollow" class="external text" href="https://www.finra.org/investors/professional-designations">"Understanding Professional Designations"</a>. <i>seksun_komsan.org.co.th</i>. <a href="/wiki/Financial_Industry_Regulatory_Authority" title="Financial Industry Regulatory Authority">Financial Industry Regulatory Authority</a><span class="reference-accessdate">. Retrieved <span class="nowrap">October 9,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=seksun_komsan.org.co.th&rft.atitle=Understanding+Professional+Designations&rft.aulast=komsan&rft.aufirst=seksun&rft_id=https%3A%2F%2Fwww.finra.org%2Finvestors%2Fprofessional-designations&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStockbroker" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><a href="/wiki/Joseph_de_la_Vega" title="Joseph de la Vega">De la Vega, Joseph</a>: <i>Confusión de confusiones (1688): Portions Descriptive of the Amsterdam Stock Exchange</i>. Selected and translated by Hermann Kellenbenz. (<a href="/wiki/Cambridge,_MA" class="mw-redirect" title="Cambridge, MA">Cambridge, MA</a>: Baker Library, Harvard Graduate School of Business Administration, 1957)</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGoetzmann2017" class="citation book cs1">Goetzmann, William N. (2017). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=03KYDwAAQBAJ&pg=PA17"><i>Money Changes Everything: How Finance Made Civilization Possible</i></a>. Princeton University Press. p. 17. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780691178370" title="Special:BookSources/9780691178370"><bdi>9780691178370</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Money+Changes+Everything%3A+How+Finance+Made+Civilization+Possible&rft.pages=17&rft.pub=Princeton+University+Press&rft.date=2017&rft.isbn=9780691178370&rft.aulast=Goetzmann&rft.aufirst=William+N.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D03KYDwAAQBAJ%26pg%3DPA17&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStockbroker" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPiola_Caselli2015" class="citation book cs1">Piola Caselli, Fausto (2015). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=ot05CgAAQBAJ&pg=PA24"><i>Government Debts and Financial Markets in Europe</i></a>. Routledge. p. 24. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781317314233" title="Special:BookSources/9781317314233"><bdi>9781317314233</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Government+Debts+and+Financial+Markets+in+Europe&rft.pages=24&rft.pub=Routledge&rft.date=2015&rft.isbn=9781317314233&rft.aulast=Piola+Caselli&rft.aufirst=Fausto&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dot05CgAAQBAJ%26pg%3DPA24&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStockbroker" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBeattie2017" class="citation web cs1">Beattie, Andrew (December 13, 2017). <a rel="nofollow" class="external text" href="https://www.investopedia.com/ask/answers/08/first-company-issue-stock-dutch-east-india.asp">"What Was the First Company to Issue Stock?"</a>. <i>Investopedia</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">October 9,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=How+to+Become+a+Financial+Advisor%3A+What+You+Need+to+Know&rft.pub=TheStreet.com&rft.date=2019-08-22&rft.aulast=Fiorillo&rft.aufirst=Steve&rft_id=https%3A%2F%2Fwww.thestreet.com%2Fhow-to%2Fhow-to-become-a-financial-advisor-14650926&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStockbroker" class="Z3988"></span></span> </li> </ol></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output 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.navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Financial_markets" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets_navigation" title="Template:Financial markets navigation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets_navigation" title="Template talk:Financial markets navigation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets_navigation" title="Special:EditPage/Template:Financial markets navigation"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_markets" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Capital_market" title="Capital market">markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Primary_market" title="Primary market">Primary market</a></li> <li><a href="/wiki/Secondary_market" title="Secondary market">Secondary market</a></li> <li><a href="/wiki/Third_market" title="Third market">Third market</a></li> <li><a href="/wiki/Fourth_market" title="Fourth market">Fourth market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Restricted_stock" title="Restricted stock">Restricted stock</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Authorised_capital" title="Authorised capital">Authorised capital</a></li> <li><a href="/wiki/Issued_shares" title="Issued shares">Issued shares</a></li> <li><a href="/wiki/Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broker" title="Broker">Broker</a> <ul><li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li> <li><a href="/wiki/Broker-dealer" title="Broker-dealer">Broker-dealer</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Market maker</a></li> <li><a href="/wiki/Trader_(finance)" title="Trader (finance)">Trader</a> <ul><li><a href="/wiki/Floor_trader" title="Floor trader">Floor trader</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedger</a></li> <li><a href="/wiki/Speculator" class="mw-redirect" title="Speculator">Speculator</a></li> <li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrager</a> <ul><li><a href="/wiki/Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchange_trading_hours" class="mw-redirect" title="List of stock exchange trading hours">Trading hours</a></li></ul></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li> <li><a href="/wiki/Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li> <li><a href="/wiki/Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li> <li><a href="/wiki/Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li> <li><a href="/wiki/Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li> <li><a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li> <li><a href="/wiki/Crossing_network" title="Crossing network">Crossing network</a></li> <li><a href="/wiki/Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_(finance)" title="Alpha (finance)">Alpha</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li> <li><a href="/wiki/Beta_(finance)" title="Beta (finance)">Beta</a></li> <li><a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li> <li><a href="/wiki/Book_value" title="Book value">Book value</a> (BV)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li> <li><a href="/wiki/Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li> <li><a href="/wiki/Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li> <li><a href="/wiki/Dividend_yield" title="Dividend yield">Dividend yield</a></li> <li><a href="/wiki/Earnings_yield" title="Earnings yield">Earnings yield</a></li> <li><a href="/wiki/EV/EBITDA" class="mw-redirect" title="EV/EBITDA">EV/EBITDA</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li> <li><a href="/wiki/Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li> <li><a href="/wiki/Security_market_line" title="Security market line">Security market line</a> (SML)</li> <li><a href="/wiki/T-model" title="T-model">T-model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br /> and <a href="/wiki/Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a></li> <li><a href="/wiki/Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li> <li><a href="/wiki/Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Market_timing" title="Market timing">Market timing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Pairs_trade" title="Pairs trade">Pairs trade</a></li> <li><a href="/wiki/Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li> <li><a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li> <li><a href="/wiki/Sector_rotation" title="Sector rotation">Sector rotation</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a></li> <li><a href="/wiki/Swing_trading" title="Swing trading">Swing trading</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li> <li><a href="/wiki/Value_averaging" title="Value averaging">Value averaging</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li> <li><a href="/wiki/Block_trade" title="Block trade">Block trade</a></li> <li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Dividend" title="Dividend">Dividend</a></li> <li><a href="/wiki/Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li> <li><a href="/wiki/DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li> <li><a href="/wiki/Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a></li> <li><a href="/wiki/Haircut_(finance)" title="Haircut (finance)">Haircut</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li> <li><a href="/wiki/Long_(finance)" title="Long (finance)">Long</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Market_anomaly" title="Market anomaly">Market anomaly</a></li> <li><a href="/wiki/Market_capitalization" title="Market capitalization">Market capitalization</a></li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li> <li><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></li> <li><a href="/wiki/Open_outcry" title="Open outcry">Open outcry</a></li> <li><a href="/wiki/Order_book" title="Order book">Order book</a></li> <li><a href="/wiki/Position_(finance)" title="Position (finance)">Position</a></li> <li><a href="/wiki/Public_float" title="Public float">Public float</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">Rally</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li> <li><a href="/wiki/Share_repurchase" title="Share repurchase">Share repurchase</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li> <li><a href="/wiki/Short_squeeze" title="Short squeeze">Short squeeze</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stock_market_index" title="Stock market index">Stock market index</a></li> <li><a href="/wiki/Stock_split" title="Stock split">Stock split</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Trade_(financial_instrument)" class="mw-redirect" title="Trade (financial instrument)">Trade</a></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li> <li><a href="/wiki/Uptick_rule" title="Uptick rule">Uptick rule</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a></li> <li><a href="/wiki/Voting_interest" title="Voting interest">Voting interest</a></li> <li><a href="/wiki/Yield_(finance)" title="Yield (finance)">Yield</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="General_areas_of_finance" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Finance" title="Template:Finance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Finance" title="Template talk:Finance"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Finance" title="Special:EditPage/Template:Finance"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="General_areas_of_finance" style="font-size:114%;margin:0 4em">General areas of <a href="/wiki/Finance" title="Finance">finance</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Super_angel" title="Super angel">Super angel</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Asset_allocation" title="Asset allocation">Asset allocation</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Capital_management" title="Capital management">Capital management</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Computational_finance" title="Computational finance">Computational finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Experimental_finance" title="Experimental finance">Experimental finance</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_deepening" title="Financial deepening">deepening</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_inclusion" title="Financial inclusion">inclusion</a></li> <li><a href="/wiki/Financial_institution" title="Financial institution">institutions</a></li> <li><a href="/wiki/Financial_management" title="Financial management">management</a></li> <li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li> <li><a href="/wiki/Financial_social_work" title="Financial social work">social work</a></li> <li><a href="/wiki/Financial_system" title="Financial system">system</a></li></ul></li> <li><a href="/wiki/Financial_technology" class="mw-redirect" title="Financial technology">Financial technology</a> (Fintech)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greater_fool_theory" title="Greater fool theory">Greater fool theory</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/History_of_money" title="History of money">History of money</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a 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