Brokered Market

Just like buying a house through a real estate broker, a brokered market is the buying and selling of any product or service where an intermediary represents one or both parties.

It is assumed that a broker working on your behalf will be able to negotiate the best possible price or get other concessions. A securities broker might have a book of buy and sell orders where they quote bids to traders. Brokers are particularly useful for going hat-in-hand to find investors for an Initial Public Offering (IPO) or a new bond issue.

And the broader notion here is that, in a brokered market, you get The Gumball Problem estimate benefit as well, i.e. with lots of people inspecting pricing, a truly fair or closer-to-honest number comes from all the bidding.