An agent, who executes orders to buy and sell currencies and related
instruments either for a commission or on a spread. Brokers are agents working
on commission and not principals or agents acting on their own account. In the
foreign exchange market brokers tend to act as intermediaries between banks
bringing buyers and sellers together for a commission paid by the initiator or
by both parties. There are four or five major global brokers operating through
subsidiaries affiliates and partners in many countries.
