When a broker-dealer buys from or sells to you directly securities it holds in its own inventory, the broker-dealer acts as a principal in the transaction. When acting as a principal, the broker-dealer generally will be compensated by selling the security to you at a price that is higher than the market price (the difference is called a markup), or by buying the security from you at a price that is lower than the market price (the difference is called a markdown).
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