Brokering A Note Tape

[Ian Wright]

Does anyone have any experience brokering a tape? 

[Chad U.]

Quote from @Ian Wright:

Does anyone have any experience brokering a tape? 

Technically you need to be licenced to broker notes. However, there are many in the space who do so anyway.  They are typically daisy chainers who take a tape put out by a legit broker and peddle them to their contacts at a markup.  We call them joker brokers.  There have been numerous occasions where I've received the same tape more than once by different brokers.  I've even had my own tape that I put out for sale, back to me again.