Price paid to a dealer for bonds when the dealer acts as principal in a transaction, i.e., the dealer sells bonds that he owns, as opposed to an agency transaction (see agency transaction). (investinginbonds.com)
This buyer was really a «straw man» acting on behalf of the broker, thus making the broker an undisclosed principal in the transaction,» Titter recalls. (realtormag.realtor.org)
A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his own account. (mutualfund.ca)