Glossary term
Broker
An intermediary who arranges a transaction between two parties without taking ownership of the goods.
An intermediary bringing two parties together for a fee, without buying or selling on its own account. The word needs qualifying to be useful, because the roles differ sharply.
A customs broker files declarations with customs on an importer’s behalf and is usually licensed to do so. A freight broker arranges transport between shipper and carrier. A chartering broker negotiates vessel fixtures. Only the first carries regulatory standing.