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Gun shops or gun dealers are sometimes referred to as an FFL, FFL dealer, or a FFL holder because they have Federal Firearms License and thus are a legal business in which to sell firearms, for example rifles, shotguns, and handguns.
DEFINITION of 'Broker-Dealer'. A person or firm in the business of buying and selling securities, operating as both a broker and a dealer, depending on the transaction.The term broker-dealer is used in U.S. securities regulation parlance to describe stock brokerages, because most of them act as both agents and principals.A brokerage acts as a broker (or agent) when it executes orders on behalf of clients, whereas it acts as a dealer (or principal) when it trades for its own account. brokerage acts as a broker (or agent) when it executes orders on behalf of clients, whereas it acts as a dealer (or principal) when it trades for its own account.