Dealer course

The dealer is a financial intermediary that invests its own resources for the composition of its own securities portfolio. The dealer places himself between the investors and the banks. The latter, rather than the stock market, assume the role of the counterparty. He buys the stock at a price called the "bid" and sells it at a higher price called the "ask". To purchase the security he must have an ISIN (International Security Identification Number), with which he buys and sells these securities. The value of the stock is not decided by the meeting of supply and demand: it is the dealer who decides the price. The difference between the bid price and the ask price is the gain to be made by the trader. The dealer is seen as a speculator because he buys financial instruments when they are undervalued by the market and resells them when they go up. He is a person in possession of a considerable information base, on which he formulates expectations regarding the purchase or sale of financial instruments. In many cases, this operator borrows financial resources from banks or private individuals (with whom it agrees a remuneration on the loan) who, in turn, will evaluate its repayment capacity. The dealer's revenues must therefore cover the return on the borrowed capital. The dealer is a person who intervenes in the exchange of goods or services in an autonomous and independent manner. This subject therefore interfaces as the debtor of the person requesting the provision of his services, as well as the creditor of the borrower of funds,