Description
This article is from the What Every
Investor Should Know.
Section 5. Getting Started
Once you have reviewed your personal financial circumstances and
goals and have decided that a securities investment is appropriate for
you, you will be ready to take steps to select a brokerage firm and
open an account.
Securities broker-dealer firms come in many shapes and sizes. Firms
that do business with public investors generally must be registered
with the SEC and must abide by the securities laws (federal and
state), SEC regulations and the rules of the SROs to which they
belong. All broker-dealers must adhere to certain standards of
timeliness, efficiency, and accuracy of record keeping. For example,
customers have the right to expect that trades will be promptly
executed whenever a market exists and that the broker will use all
reasonable means to secure the best price. Customers should expect to
receive written confirmation of trades executed, with information
including the date of the transaction, the identity of the security
bought or sold, and the number of shares, units, or principal amount
of the security. They should expect to receive from the broker-dealer
disclosure as to the cost of the actual transaction, including
commissions charged, and the capacity in which the firm was operating
(such as agent, principal, market maker).
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