| A securities brokerage is a company which acts as an intermediary for clients wishing to buy and sell different types of securities. These securities may include stocks, bonds, mutual funds, or derivatives such as options and futures. An employee of a securities brokerage who markets the products and investment advice of a brokerage firm is called a registered representative or account executive. A brokerage is composed of many different departments. These departments include but are not limited to: retail, institutional, trading, research and analysis, investment banking, and compliance. Brokerage activities in the U.S. are regulated by the SEC, the NASD, and the exchanges on which they do business. Many brokerage firms are members of those same exchanges.