Question：

Which of the following financial intermediaries is most likely to provide liquidity service to its clients? 
A. Dealers 
B. Brokers 
C. Exchanges 

Answer = A 
The service that dealers provide is liquidity. Liquidity is the ability to buy or sell with low transaction costs when investors want to trade. By allowing their clients to trade when they want to trade, dealers provide liquidity to them.
 

CFA Level I
“Market Organization and Structure,” Larry Harris
Sections 4.1, 4.2

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