Agent bag is an individual regulated, usually associated with a brokerage firm or broker, who buys and sells shares and other securities for both retail and institutional clients through a stock exchange or over the counter in exchange for a fee or commission. Stockbrokers are known by numerous professional designations, depending on the license they hold, the type of securities they sell, or the services they offer.
The first stock brokerage began in Rome, where the first recorded buying and selling of stocks occurred in the 2nd century BC. After the fall of Rome, stock brokerage did not become a realistic career until after the Renaissance, when government bonds were traded in Italian city-states such as Genoa or Venice. New stock exchanges opened their doors in the 16th and 17th centuries, including the London Stock Exchange, which opened in a cafeteria in 1698. In the 19th century, in the United States, the New York Stock Exchange opened its doors under a bead tree in New York City. 24 brokers signed the Buttonwood Settlement, agreeing to trade five securities under that button tree.
In Canada, a stockbroker is called a "Registered Representative" or an " Investment Advisor ". In order to obtain the Registered Representative license and thus qualify to offer investment advice and trade all instruments with the exception of derivatives, an individual employed by an investment firm must have completed the Canadian Securities Course (CSC), the Manual of Conduct Internship (CPH) and the 90-day Investment Adviser Training Program (IATP) Within 30 months of earning their “Registered Representative” designation, the registrant is required to meet the post-licensing requirement to complete the Wealth Management Essentials (WME) course.
A Registered Representative is also required to complete 30 hours of professional development (product knowledge) and 12 hours of compliance training every three years, continuing education cycle as established by the Investment Industry Regulatory Organization of Canada (IIROC). To trade options and / or futures, the Registered Representative must pass the Derivatives Fundamentals Course (DFC) in addition to the Options Licensing Course (OLC) and / or the Futures License Course (FLC) or, alternatively, the Derivative Basic Item Option License (DFOL) for options.
