### Question
How does SECURITIES EXCHANGES define broker?


### Answer
Under *15 U.S.C. § 78c*, **broker** is defined as:

> any person engaged in the business of effecting transactions in securities for the account of others, but does not include a bank

#### Citation:
  - *15 U.S.C. § 78c*
  - Heading: **CHAPTER 2B-SECURITIES EXCHANGES**

