Series 24: Two-dollar Brokers

Taken from our Series 24 - FINRA General Principal Qualification Examination

Definition of the term Two-dollar Brokers...

independent brokers who assist floor brokers, but are not employed by a member firm. They are called two-dollar brokers because they used to earn $2 per trade. Two-dollar brokers receive business from floor brokers who are too busy to handle all their firm's orders or by contract for institutions and broker-dealers who do not have a seat on the exchange.

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