I’m attempting to decipher the world of the markets (i.e. S&T, Research) division in an investment bank:

So far I’ve narrowed the trading-related activities down to the following:

  1. Broker
  2. Market Making
  3. Prop. Trading

Following question to brokering:

  1. I’m looking at the sell-side and buy-side characteristics. The way I see it, an investment bank is always on the sell-side, characterized by the selling of financial products, information etc.

Since brokering is the act of buying and selling securities on behalf of clients (institutional investors, AM and HF) in this case, I am confused as to why an investment bank is on the sell-side when the IB brokers securities on behalf of its clients, which should essentially be the buy side?

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