A broker is an intermediary between an investor and an exchange. They accept client orders, place bids on the trading floor, ensure settlement and record-keeping of transactions, and provide reports on deals and account status.
Key principle: transactions are executed at the client's expense and in their interest; securities and funds remain the investor's property. A broker earns commissions rather than profiting from transaction results, so their recommendations should not be viewed as a guarantee of returns.
In Uzbekistan, brokerage activities may only be conducted by organizations holding a professional securities market participant license; their list is published in the registry. When choosing a broker, it makes sense to compare not only fees but also license availability, range of available instruments, fund withdrawal procedures, and order submission methods — on the Uzbek market, these differences are more significant than commission variations.