For example, many forex traders had accounts with U.S.-based forex brokers first, and moved their funds to the foreign affiliates of their U.S. brokers in order to get higher leverage and avoid the hedging rule.

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For almost three hours more, Nasdaq failed to send order confirmations to brokers, causing uncertainty about who held what positions.

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Pressure is growing to include a clause to demutualise the exchange in order to loosen the grip of the brokers.

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The brokers use the waterfall to keep track of the order flow.

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So Rheingold says many brokers pressured home appraisers to inflate home values in order to get more loans approved and make more in commissions.

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ECNs pay brokers a kick-back of a few cents for every order sent their way.

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Brokers will have the best knowledge of what happened to an order and can advise their buy-side clients on the most effective approach, such as when to use limits and when not to in order to avoid implementation shortfall.

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At present, this information is in the hands of Canada's seven inter-dealer brokers, firms which handle trades for bond dealers and banks in order to keep the transactions anonymous.

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In order to help honest taxpayers and discourage cheaters, Congress passed a law requiring brokers to file cost-basis report.

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This would allow even the tiniest Hong Kong broker to offer its clients online trading on the Exchange's site, which will simply check with the brokers to confirm the client's account balance and credit-standing before executing the order.

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