# Broker
In financial regulation, a broker is a company that acts as an intermediary between individual investors and a [securities](security.md) exchange or [market maker](market-maker.md).

Crypto exchanges are not regulated as brokers, but instead as [money services businesses](money-services-business.md).

See also [market maker](market-maker.md) and [regulation](regulation.md).

## References
1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
1. Hofman, Darra, Quinn DuPont, Angela Walch, and Ivan Beschastnikh. 2021. ‘Blockchain Governance: De Facto (x)or Designed?’ In Building Decentralized Trust, 21–33. x. https://doi.org/10.1007/978-3-030-54414-0_2.
1. Inozemtsev, Maxim I. 2021. ‘Legal Regulation of Crypto-Asset Markets in the EU in the Post-COVID Period’. In Post-COVID Economic Revival, Volume I, 315–26. Springer. https://link.springer.com/chapter/10.1007/978-3-030-83561-3_22.
1. Lee, Joseph. 2022. Crypto-Finance, Law and Regulation: Governing an Emerging Ecosystem. Routledge. https://www.routledge.com/Crypto-Finance-Law-and-Regulation-Governing-an-Emerging-Ecosystem/Lee/p/book/9780367086619.
1. Walch, Angela. 2015. ‘The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk’. NYUJ Legis. & Pub. Pol’y 18: 837.
1. Zetzsche, Dirk A., Filippo Annunziata, Douglas W. Arner, and Ross P. Buckley. 2021. ‘The Markets in Crypto-Assets Regulation (MiCA) and the EU Digital Finance Strategy’. Capital Markets Law Journal 16 (2): 203–25. https://doi.org/10.1093/cmlj/kmab005.
1. Zwitter, Andrej, and Jilles Hazenberg. 2020. ‘Decentralized Network Governance: Blockchain Technology and the Future of Regulation’. Frontiers in Blockchain 3. https://www.frontiersin.org/article/10.3389/fbloc.2020.00012.
