There are many terms that get used interchangeably. Some of these conveniences are OK, and some are not. 1 For any one role, there are as many nuances to that role as there are varieties of salmon. Take traders as an example. There are sales traders, execution traders, and so on. And a trader can also be a broker. Brokers are market makers and include institutional, middle market, bond dealers, and bond brokers. Not to mention, the term broker may refer to an individual or a firm!
If we are talking in general terms, it is less of an issue if such terms are generalized or interchanged. One example of how this can become problematic would be the qualifications and regulatory requirements that may be attached to or inferred ...
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