Setting Up a Broker-Dealer Business

In the wake of the financial crisis, entrepreneurial traders are leaving the banks to escape from the tighter regulatory and commercial constraints imposed upon them by their employers. Many are setting up new broker-dealer firms to take advantage of the greater freedom of independence.

Kaye Scholer has advised a number of start-up broker-dealers in recent months, both in the UK and the US. Sharing the insights of their experience, Simon Firth and Daniel Lewin considered the key UK and US legal, tax and regulatory issues involved in setting up an international broker-dealer business in the UK with both UK and non-domiciled principals.