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Street Broker
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

A broker not belonging to any stock exchange who buys and sells unlisted securities for his clients.  Such brokers also act as dealers for their own account in buying or selling unlisted securities.  Member firms also often maintain unlisted trading departments.  Since a market for inactive, unlisted securities is often difficult to locate, a street broker is useful to banks, investment houses, security dealers, and other brokers, as well as individual investors and traders.  Street brokers' commissions and markups are self-regulated through the NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. (NASD).  One of the NASD Rules of Fair Practice provides:  " if a member buys for his own account from his customer, or sells for his own account to his customer, he shall buy or sell at a price which is fair, taking into consideration all relevant circumstances, including market conditions with respect to such security at the time of the transaction, the expense involved, and the fact that he is entitled to a profit; and if he acts as agent for his customer he shall not charge his customer more than a fair commission or service charge "  


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