Brokerages

A stockbroker is a regulated professional individual, usually associated with a brokerage firm or broker-dealer, who buys and sells and other securities for both retail and institutional clients through a or over the counter in return for a fee or commission. Stockbrokers are known by numerous professional designations, depending on the license they hold, the type of securities they sell, or the services they provide. In the United States, a stockbroker must pass both the Series 7 and either the Series 63 or the Series 66 exams in order to be properly licensed.

The first stockbroking began in Rome, where the first recorded buying and selling of shares occurred in the 2nd century BCE. After Rome fell, stockbroking did not become a realistic career until after the Renaissance, when government bonds traded in Italian city-states such as Genoa or Venice. New stock exchanges opened their doors in the 16th and 17th centuries, including the , which was opened at a coffee shop in 1698. In the 1800s, in the United States, the opened its doors under a buttonwood tree in New York City. 24 stockbrokers signed the Buttonwood Agreement, agreeing to trade five securities under that buttonwood tree.

In Canada, a stockbroker is called a "Registered Representative" or an "Investment Advisor". To be licensed as a Registered Representative and thus qualified to offer investment advice and trade all instruments with the exception of derivatives, an individual employed by an investment firm must have completed the Canadian Securities Course (CSC), the Conduct & Practices Handbook (CPH), and the 90-day Investment Advisor Training Program (IATP). Within 30 months of obtaining their designation as a "Registered Representative", the registrant is further required to meet the post-licensing proficiency requirement to complete the Wealth Management Essentials course (WME). A Registered Representative is also required to complete 30 hours of professional development (product knowledge) and 12 hours of compliance training every three year continuing education cycle as set out by the Investment Industry Regulatory Organization of Canada (IIROC). To trade options and/or futures, a Registered Representative must pass the Derivatives Fundamentals Course (DFC) in addition to the Options Licensing Course (OLC) and/or the Futures Licensing Course (FLC), or alternatively, the Derivatives Fundamentals Options Licensing Course (DFOL) for options.