The Market Intermediaries

The commissions perceived by the mediators are variable but they fluctuate around 1% of the value bought.

Faculties of the Market Intermediaries
Faculties of the stock exchange associations (broker and dealer)

To negotiate in the stock exchange market in which he is an official member.

To receive and to canalize the orders (of buying and selling or to complete the liquidity of the market), of its own account or of others, of any national or foreign investors.

To grant credits in securities operations.

 To secure the subscription of the emissions and to mediate in its collocation, negotiating on its own account or for others.

To negotiate not admitted securities at the official quotation

To manage on the account of others their security portfolios

To mediate in different financial operations: fusions, public offers of acquisition, etc.

To be depositary of securities or to manage securities represented by annotations in account.

Faculty of the Stock Exchange Agencies (Broker)
To receive, execute and transmit orders

To negotiate non admitted securities at the official quotation

To be depositary of securities or to manage securities represented by annotations in account

To manage on the account of others their security portfolios

To negotiate on the account of others, national and foreign securities

To mediate in selling public offers and in the collocation of emissions.

Both intermediaries have the same functions with the exception that only the stock exchange associations (acting as brokers and dealers) can place security emissions and can negotiate foreign and national securities, on its own account or of others, while the stock exchange agencies (just brokers) can only do it on the account of others.

Another difference is that, only the stock exchange associations can give credits in buying and selling operations of securities.