Real World Markets

Delayed last

World · further · 50 min

U.S. stock licenses: the named shops

, investment adviser, ATS, and the exam names people hear. A CRD or IAPD number is a fact you can type. A halo in a footer is not. We will not file Form BD or Form ADV. Look. Do not buy. Not a broker. Not a lawyer. Not a regulator. Passing a quiz is not a license. We will not file.

A dotted mark is a word. Tap it if the meaning is new.

About this pathLevel, skills, and what to read firstOpen if you want the extras. The lesson is below.

Classroom record as of 8 September 2026. Statutes move. Check the shop’s own page. We will not file.

Lessons are on. The check adds one extra scenario. Tap a dotted mark for a definition. Want the floor’s language and a harder check? How you sit is in Settings.

  • Broker-dealer and investment adviser are different sentences
  • BrokerCheck and IAPD are other shops’ books — check them, not a screenshot
  • A Series number is an exam name, not a ticker and not this classroom

Read first: Rules and regulations, U.S. rules, in plain words

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Lesson 1 / 6 · 8 min · take your time

Two shops, two sentences

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Board 01

Two shops, two sentences

In the usual U.S. classroom map, a firm that takes a public customer’s order in securities, holds that customer’s cash or shares, and routes a live ticket is in the story. A firm that is paid to tell a person what to buy, or to manage a for them, is in the investment-adviser story. Those are different statutes. Mixing them as “we’re licensed, relax” is how a pitch hides which sentence it skipped.

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In the usual U.S. classroom map, a firm that takes a public customer’s order in securities, holds that customer’s cash or shares, and routes a live ticket is in the story. A firm that is paid to tell a person what to buy, or to manage a for them, is in the investment-adviser story. Those are different statutes. Mixing them as “we’re licensed, relax” is how a pitch hides which sentence it skipped.

A U.S. that deals with the public is, in the usual map, registered with the SEC under the Exchange Act and is a member of an SRO — often FINRA. Nominative: those marks stay with them. We are not a broker-dealer. We do not hold cash. We do not route a live order. here is a look-only .

A U.S. investment adviser that is in the federal story files Form ADV and appears on the SEC’s IAPD . Some smaller advisers sit with a state instead. We are neither. Professor Moon unpacks a word. He will not pick a name. AI for seven days is still a tutor, not a retainer.

Human: if a stranger will not say which of the two they are, they are not “both, don’t worry.” They are a costume. Close the tab. Look. Do not buy. Not a broker. Not a lawyer. Not a regulator. Passing a quiz is not a license. We will not file.

Say it back below. Then the next lesson opens. If you leave the page, we will ask to save your spot.

Ask the Professor

LOOK DON'T BUY

Real World Markets is a classroom. We only teach — stocks, crypto, and how markets work. You can look at delayed last. You cannot buy here. We do not take orders or hold money. Not a broker. Not a CASP. Lessons are free.

Delayed public last when the feed is up — a number to look at, never a ticket. Paper results are hypothetical and have no cash value. Not a broker-dealer. Not a CASP or money transmitter. You cannot buy here.

Passing a quiz is not a qualification or a license. The Professor will not tell you what to buy. Company names and tickers belong to their owners. We draw letter marks, not official logos. Not affiliated with Apple, Nasdaq, S&P, Yahoo, CoinGecko, or CoinMarketCap.

This classroom does not give financial advice. We do not tell you what to buy, sell, or hold. A lesson, delayed last, a paper fill, a quiz, Professor Moon, and a quote on the tree are teaching — not a recommendation, not a personalized plan, and not a reason to place a live order. We only teach. Educational classroom only. Not a seller. Not a market we operate. Not investment advice, not legal advice, not an offer to buy or sell, not a broker-dealer, investment adviser, CTA, or CIRO/CSA registrant. Not a CASP, VASP, MSB, money transmitter, or gambling operator. We do not custody, exchange, or transmit crypto-assets. We do not file a license for you. Not registered with the U.S. SEC, FINRA, CFTC, NFA, FinCEN, Canada’s CSA/CIRO, or Mexico’s CNBV. Last may be a delayed public print when the feed is up, or a teaching path if it is not — never a reason to trade. Options premiums and NFT floors are teaching numbers. Paper results are hypothetical and have no cash value. World Circuit is a paper board game, not gambling and not a live market. Past or simulated performance is not indicative of future results. CFTC Rule 4.41. Third-party names stay with their owners. Letter marks, not official logos.

© 2026 Real World Markets™. Original classroom copy, software, World Circuit, and house marks are ours. ™ is our claim on the name — not a USPTO registration. See Marks.