Individual that has passed the Series 62 exam administered by the National Association of Securities Dealers. Passing the exam gives the individual a license to trade asset-backed securities, closed-end investment companies, common stock, corporate bonds, money market mutual funds, preferred stock, privately issued mortgage-backed securities, real estate investment trusts (REITs), rights, and warrants. In order for brokers to trade all general securities (with the exception of commodities futures), brokers must take the General Securities Representative Examination (also known as Series 7 exam), and in some cases, Series 63 state examinations.