Throughout the course of my formal education (and self-education) in financial history and the gradual growth of my understanding and appreciation of the complexity of the modern monetary and banking system, I have frequently experienced both confusion and frustration over the vast array of terms and definitions used between financial market participants and in the financial press. Oftentimes, these terms and definitions are used inconsistently and interchangeably in seemingly contradictory ways (perhaps with intentional ambiguity), so it is not always obvious what one means precisely when one says “dealer bank” or “broker-dealer.”
Very good post. Perfect
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