An agent who brings two parties together, enabling them to enter into a contract to which the broker is not a principal. A broker's remuneration consists of a brokerage, which is usually calculated as a percentage of the sum involved in the contract but may be fixed according to a tariff. Brokers are used because they have specialized knowledge of certain markets or to conceal the identity of a principal, in addition to introducing buyers to sellers.

See:

bill broker, commodity broker, insurance broker, stockbroker.

• ultra vires
• UM
• umbrella fund
• unamortized cost
• unappropriated profit
• unbundling
• uncalled capital
• uncertificated units
• uncleared effects
• uncommitted facility
• unconditional bid
• unconfirmed letter of credit
• unconscionable bargain
• UNCTAD
• undated security
• undercapitalization
• underlying
• undersubscription
• Undertakings for Collective Investment in Transferable Securities
• underwater
• underwrite
• underwriter
• undischarged bankrupt
• undisclosed factoring
• undisclosed principal