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The Grand Proxy is the name of a high ranking Ferengi Alliance official who serves as the representative for the Grand Nagus himself. These Ferengi are involved in matters that the Grand Nagus does not wish to be involved with personally.
In order to show the validity of their authority, the Grand Proxy carries the Nagal Staff, which is a symbol of the power granted by the leadership of the Ferengi Alliance. (VOY episode: "False Profits")