A broker-dealer is a financial professional or firm that facilitates the buying and selling of securities, such as stocks and bonds, for clients and for its own account. As a broker, they act as an intermediary, helping clients execute trades, while as a dealer, they buy and sell securities for their own profit. This dual role allows them to provide a range of services in the financial markets. Broker-dealers are regulated by government agencies, such as the Securities and Exchange Commission (SEC) in the United States, to ensure fair practices and protect investors. They must register with these agencies and adhere to strict compliance rules, which help maintain the integrity of the financial system.