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Stock Broker
RequirementsServices providedHistorySimilar rolesActing as a principalTransactions by stock brokers in the US and UKBrokerage termsExplanation of a City Traders Job
RequirementsServices providedHistorySimilar rolesActing as a principalTransactions by stock brokers in the US and UKBrokerage termsExplanation of a City Traders Job
History
Philadelphia was the centre of American finance during the first forty years of the new United States. In 1790, the country's first stock exchange was founded there and Chestnut Street was home to the nation's most powerful financial institutions. However, in the 1820s a shift to New York City began and for more than one hundred and fifty years Wall Street has been synonymous with the stock brokerage business. Some sources suggest that historical top-level brokers and a number of other firms rose to prominence over that time, with the top-ranked brokerages in the early 1950s being:#Merrill Lynch
#Paine Webber & Company
#Morgan Stanley
#Goldman Sachs
#Bear Stearns
Since the 1980s stockbroking firms have also been allowed to be market makers as long as the appropriate Chinese walls are put in place.
With the advent of automated stockbroking systems on the the trade.
Today, most of the once well-known corporate brand names including mid-sized firms such as Smith Barney have been swallowed up by global financial conglomerates. Only a few firms remain independent, such as Edward Jones Investments, Stifel Nicolaus, Oppenheimer & Co, JP Turner & Company and Raymond James. Discount brokers (such as E*TRADE, Scottrade, TD Ameritrade, and Charles Schwab Corp.|Charles Schwab) have taken a large share of the business by offering highly discounted commissions. Discount brokers may offer limited advisory services, but their primary focus tends to be servicing self directed retail accounts.