A dealer is a financial intermediary who acts as a principal in buying and selling securities or other financial instruments, rather than as an agent or broker acting on behalf of a client. Dealers typically operate in markets for fixed-income securities, currencies, commodities, and derivatives. They take positions in these markets, often using their own capital, in order to make profits from price movements or from the spread between bid and ask prices. Dealers play an important role in providing liquidity to financial markets and in facilitating transactions between buyers and sellers.