Another main player in the securities market are broker dealers. Now, broker dealers are organizations that engage in trading securities on either their own capacity on behalf of their customers. There are many broker dealers that are independent firm in the UK. We quite often call THem stockbrokers, but also many of the largest subsidiaries of banks. The phrase broker dealer comes from when executing trade orders on behalf of a customer the institution is said to be acting as a broker, when executing trades for its own account the institution is said to be acting as a dealer. Securities bought from clients and other firms in the capacity of dealer may be sold to clients or other firms acting again in the capacity of dealer. Or they may become a part of the firm's own holding. Now broker dealers in their capacity to buy and sell trades for themselves are deemed to be market makers. The phrase market makers means that they will actually drive the market in one direction or another and they'll do the same with a particular stock. And they can also do the same in any of the markets they decide to go in. That might actually, that that can in the world of FX actually be currencies. Prime brokerage is the service that's offered by many investment banks or wealth managers, as well as security dealers to hedge funds which need the ability to be able to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return, i.e. doing shorts as well as longs. The prime broker provides a centralized securities clearing facility for the hedge fund. So the hedge funds collateralize requirements are netted against all deals handled by the prime broker. These two features are advantageous to their clients and you'll also see that the custodian world gets very much involved in the middle of this. Broker dealers will also offer investment research. They will do this for their own means for when they're looking to decide which companies to invest in and or which markets to try and move in one direction or another. And they will also do investment research at which they will pass on to their clients to encourage their clients to invest in certain stocks or enter into certain markets or to exit certain markets. Broker dealers will also do execution only service very much like a vanilla stockbroker arrangement where no advice is given they're 100% purely acting on the instruction that they're given and they are just transacting it through. That is an execution only service, so broker dealers, big player can move the market and go across all the different aspects of services that are offered in the securities world.