How are the roles of the 'Public Side' and 'Private Side' of an institutional dealer correctly distinguished?

Question

Accepted Answer

The Public Side (or 'agency' side) interacts with the public markets, while the Private Side (or 'advisory' side) handles confidential corporate assignments like M&A and new issues, which grants them access to MNPI.

How are the roles of the 'Public Side' and 'Private Side' of an institutional dealer correctly distinguished?

Discussion