The intermediation in the securities’ markets

Evolution from the past to the present of: securities market. Organization of the securities market. Generic financial intermediation. Brokers. Dealers. The decision whether to be a broker or a dealer, given personal economic availability. How a dealer decides to invest in specific securities. Profits: comparing brokers and dealers, who of them have the most linear (constant) profit? The brokerage perspective in the Italian band the future of the SIM’s.