### Question
How is the term gross revenues from the securities business defined?


### Answer
The term **gross revenues from the securities business** is defined in *15 U.S.C. § 78lll* as the following:

> the sum of (but without duplication)—


 (A) commissions earned in connection with transactions in securities effected for customers as agent (net of commissions paid to other brokers and dealers in connection with such transactions) and markups with respect to purchases or sales of securities as principal

#### Citation:
  - *15 U.S.C. § 78lll*
  - Heading: **CHAPTER 2B&ndash;1-SECURITIES INVESTOR PROTECTION**

