2006-10-08 20:05:24 · 4 answers · asked by Nadean Doufe' 1 in Business & Finance ➔ Investing
They send the orders to the exhange, do all the tax stuff and send you portfolios from the stocks you bought. They also alert you to meetings, from the companies you hold stock in, that are happening, handle DRIPs and do the paperwork for splits and spin offs of stocks you own.
2006-10-08 20:17:20 · answer #1 · answered by gregory_dittman 7 · 1⤊ 0⤋
They give you the ability to trade almost anything, anywhere in the world.
They hold the "seat" or membership to the exchange, like the NYSE or the CBOT. Nobody has access without membership. They have already worked out an agreement or contract by which to facilitate trade through the exchange. The exchange is simply the clearinghouse, matching up orders, and a place where trading can take place. The broker offers you an invitation to trade, and he just takes care of all the leg work and paperwork.
Without the broker, you would have to buy a seat on the NYSE, currently around $800,000 in order to trade there. Or you would have to physically fly to the Far East, and set up an account there to trade Sony stock.
2006-10-10 14:03:25 · answer #2 · answered by dredude52 6 · 0⤊ 0⤋
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2006-10-09 07:17:32 · answer #3 · answered by stock.geek 2 · 0⤊ 1⤋
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2006-10-09 03:50:01 · answer #4 · answered by Bulldog 3 · 0⤊ 1⤋