Buy Side

• Firms that buy investment securities
• Firms
  • Insurance firms
  • Mutual funds
  • Hedge funds
  • Pension funds
• Buy for their own accounts or to generate returns for clients

Sell Side

• Creation, promotion and sale of securities
• Firms
  • Investment banks
    • Serve as intermediaries between issuers of securities and the investing public
  • Market makers
    • Provide liquidity