English to German Bus/Financial Law: Contract(s) Börsenhandel

In respect of every Transaction made between us subject to the Rules of an Exchange, we shall, unless otherwise agreed in writing in relation to a particular Exchange, act as principal in any Transaction with you, and we shall have made (or arranged to have made through an intermediate broker who may be an associate) on a principal-to-principal basis a matching transaction on the market operated by the relevant Exchange or shall have accepted the designation of such a transaction.

Zur Klarstellung: "we" ist das Brokerhaus, "you" ist der Kunde. Aber was heißt in diesem Zusammenhang "principal"? Auftraggeber kann in diesem Fall doch nicht das Brokerhaus sein, oder? Vielleicht Eigenhändler? Und "agent" dann als Zwischenhändler statt Auftragnehmer?