2. One who purchases goods or services for resale to consumers.

Investopedia Says: A dealer differs from an agent in that a dealer acts as a principal in a transaction. That is, a dealer takes ownership of assets and is exposed to inventory risk, while an agent only facilitates a transaction on behalf of a client.

Person or firm that acts as a Principal buying (or selling) from their own account for position and risk, as opposed to a Broker who acts as an agent for customers and is paid a commission. Dealers expect to make a profit by selling at a higher price or by correctly guessing future interest rate movements.

The Gramm-Leach-Bliley Act of 1999 removed many Depression-era restrictions on dealer activities of commercial banks.

Banks are now permitted to register their investment securities subsidiaries with the Securities and Exchange Commission, which supervises the securities underwriting of bank-owned securities firms.

The Gramm-Leach-Bliley Act excludes bank underwriting of permissible securities (such as municipal revenue bonds), bank activities as Trustee or Fiduciary and the sale of asset-backed securities originated by the issuing bank from SEC registration.

See also Dealer Bank Primary Dealer Securities Subsidiary.

In the securities industry, investment banking firms often act as both broker or dealer, depending on the transaction, and the term broker-dealer is commonly used when referring to a dealer firm. See also Dealer Bank; Primary Dealer Securities Subsidiary.

American-style dealing

In American-style dealing, the deck is held in one hand, and the dealer pinches the front-right corner of the top card between the other thumb and index finger.

The card is then thrown to the player, with a wrist extending motion.

The positioning of the throwing wrist is critical, since the cards must be maintained low and level with the table surface, so that players at the table can not see the undersides of the cards.

American-style dealers may use a completely different dealing motion to deliver cards to the one-seat (the player seated immediately to the dealer's left), and sometimes the two-seat (two seats to the dealer's left), since these are awkward to reach for a right handed dealer with the dealing motion described above.

European-style dealing

European-style dealers touch only the top of each card being dealt. The card is pushed off the top of the deck to the table surface in front of the dealer.

The dealer then propels the card toward the recipient, usually imparting some spin to the card for stability.

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