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Floor Broker
A floor broker also known as a "Pit broker" is an independent member of an exchange who can act as a broker on the trading floor. They would act on behalf of floor traders or large clients such as financial firms, as an agent on the floor of the exchange. With the advent of electronic trading in the 1990s and the closing of physical trading floors, this role has largely disappeared. The floor broker used to receive an order via Teletype machine from their firm's trading department and then proceeds to the appropriate trading post on the exchange floor. There he would join other brokers and the specialist in the security being bought or sold and executes the trade at the best competitive price available using open outcry. On completion of the transaction the customer is notified through his registered representative back at the firm and the trade is printed on the consolidated ticker tape which is displayed electronically around the country. A floor broker should not be confused ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NY Stock Exchange Traders Floor LC-U9-10548-6
NY most commonly refers to: * New York (state), a state in the Northeastern United States * New York City, the most populous city in the United States, located in the state of New York NY, Ny or ny may also refer to: Places * North Yorkshire, an English county * Ny, Belgium, a village * Old number plate of German small town Niesky People * Eric Ny (1909–1945), Swedish runner * Marianne Ny, Swedish prosecutor Letters * ny (digraph), an alphabetic letter * Nu (letter), the 13th letter of the Greek alphabet, transcribed as "Ny" * ñ (énye), sometimes transcribed as "ny" * Voiced palatal nasal, found in English as "ny" Other uses * New Year * Air Iceland (IATA code: NY) * Chewa language (ISO 639-1 code: ny) See also * New Year (other) * New York (other) New York most commonly refers to: * New York (state), a state in the northeastern United States * New York City, the most populous city in the United States, located in the state of New York Ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchange (organized Market)
An exchange, bourse (), trading exchange or trading venue is an organized market (economics), market where (especially) tradable securities, commodity, commodities, foreign exchange market, foreign exchange, futures contract, futures, and option (finance), options contracts are bought and sold. History 12th century: Brokers on the Grand Bridge, France In the twelfth century, foreign exchange dealers in France were responsible for controlling and regulating the debts of agricultural communities on behalf of banks. These were actually the first brokers. They met on the Grand Bridge in Paris, the current Pont au Change. It takes its name from the forex brokers. 13th century: ''Huis ter Beurze'', Belgium The term ''bourse'' is related to the 13th-century inn named "''Bourse at Bruges, Huis ter Beurze''" owned by family in Bruges, Belgium, where traders and foreign merchants from across Europe, especially the Italian Republics of Republic of Genoa, Genoa, Republic of Florence, Fl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trading Floor
Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell orders. floor trading hand signals The part of the trading floor where this takes place is called a ''pit''. In an open outcry auction, bids and offers must be made out in the open market, giving all participants a chance to compete for the order with the best price. New bids or offers would be made if better than previous pricing for efficient price discovery. Exchanges also value positions marked to these public market prices on a daily basis. In contrast, over-the-counter markets are where bids and offers are negotiated privately between principals. Since the development of the stock exchange in the 17th century in Amsterdam, open outcry was the main method used to communicate among traders. This started changing in the latter half ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Floor Trader
A floor trader is a member of a stock or commodities exchange who trades on the floor of that exchange for their own account. The floor trader must abide by trading rules similar to those of the exchange specialists who trade on behalf of others. The term should not be confused with floor broker. These traders are subject to a screening process before they can trade on the exchange. The people who operate as floor traders are in an open outcry system that has slowly been replaced by automated trading systems and computers that work in the same fashion as humans, without the interaction of people buying and selling stocks. Process of becoming a floor trader Much experience must be gained about the stock exchange as possible because it is an extremely fast-paced and competitive work environment. This is crucial to becoming a successful floor trader. Some may decide to work for a brokerage to get an idea of how the system functions or, as mentioned, to work as a clerk or trade-c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agent (law)
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal (commercial law), principal) to create legal relations with a third party. It may be referred to as the equal relationship between a principal and an agent whereby the principal, expressly or implicitly, authorizes the agent to work under their control and on their behalf. The agent is, thus, required to negotiate on behalf of the principal or bring them and third parties into contractual relationship. This branch of law separates and regulates the relationships between: * agents and principals (internal relationship), known as the principal-agent relationship; * agents and the third parties with whom they deal on their principals' behalf (external relationship); and * principals and the third parties when the agents deal. Concepts ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electronic Trading
Electronic trading, sometimes called e-trading, is the buying and selling of stocks, bonds, foreign currencies, financial derivatives, cryptocurrencies, and other financial instruments online. This is typically done using electronic trading platforms where traders can place orders and have them executed at a trading venue such as a stock market, either directly or via a broker. Electronic trading first started in the 1970s, and developed significantly during the 1990s and 2000s with the spread of the Internet. Electronic trading slowly replaced traditional floor trading and telephone trading over the following 20 years. Electronic trading can include various exchange-based systems that run the matching engine for orders, such as NASDAQ, NYSE Arca and Globex, as well as other types of trading platforms, such as electronic communication networks (ECNs), alternative trading systems, crossing networks and dark pools. Electronic trading has also made possible algorithmic tra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Teletype Corporation
The Teletype Corporation, a part of AT&T Corporation, American Telephone and Telegraph Company's Western Electric manufacturing arm since 1930, came into being in 1928 when the Morkrum-Kleinschmidt Company changed its name to the name of its trademark equipment. Teletype was responsible for the research, development and manufacture of data and record communications equipment, but it is primarily remembered for the manufacture of electromechanical teleprinters. Because of the nature of its business, as stated in the corporate charter, Teletype Corporation was allowed a unique mode of operation within Western Electric. It was organized as a separate entity, and contained all the elements necessary for a separate corporation. Teletype's charter permitted the sale of equipment to customers outside the AT&T Bell System, which explained their need for a separate sales force. The primary customer outside of the Bell System was the United States Government. The Teletype Corporation cont ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Maker
A market maker or liquidity provider is a company or an individual that quotes both a buy and a sell price in a tradable asset held in inventory, hoping to make a profit on the difference, which is called the ''bid–ask spread'' or ''turn.'' This stabilizes the market, reducing price variation (Volatility (finance), volatility) by setting a trading price range for the asset. In U.S. markets, the U.S. Securities and Exchange Commission defines a "market maker" as a firm that stands ready to buy and sell stock on a regular and continuous basis at a publicly quoted price. A Designated Primary Market Maker (DPM) is a specialized market maker approved by an exchange to guarantee a buy or sell position in a particular assigned security, option, or option index. In currency exchange Most foreign exchange trading firms are market makers, as are many banks. The foreign exchange market maker both buys foreign currency from clients and sells it to other clients. They derive income from the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security (finance)
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any form of financial instrument, even though the underlying legal and regulatory regime may not have such a broad definition. In some jurisdictions the term specifically excludes financial instruments other than equity and fixed income instruments. In some jurisdictions it includes some instruments that are close to equities and fixed income, e.g., equity warrants. Securities may be represented by a certificate or, more typically, they may be "non-certificated", that is in electronic ( dematerialized) or " book entry only" form. Certificates may be ''bearer'', meaning they entitle the holder to rights under the security merely by holding the security, or ''registered'', meaning they entitle the holder to rights only if they appear on a securi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Open Outcry
Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of Hand signaling (stock market), hand signals to transfer information primarily about buy and sell orders. floor trading hand signals The part of the trading floor where this takes place is called a ''pit''. In an open outcry auction, Bidding, bids and offers must be made out in the open market, giving all participants a chance to compete for the order with the best price. New bids or offers would be made if better than previous pricing for efficient price discovery. Exchanges also value positions marked to these public market prices on a daily basis. In contrast, Over-the-counter (finance), over-the-counter markets are where bids and offers are negotiated privately between principals. Since the development of the stock exchange in the 17th century in Amsterdam, open outcry was the main method used to co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Registered Representative
A registered representative, also called a general securities representative, a stockbroker, or an account executive, is an individual who is licensed to sell securities and has the legal power of an agent in the United States. Registered representatives usually work for broker/dealers licensed by the U.S. Securities and Exchange Commission (SEC) and the Self Regulatory Organizations (SRO) of the New York Stock Exchange (NYSE) and Financial Industry Regulatory Authority The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associati ... (FINRA). To become a registered representative in the United States, one must be sponsored by a broker/dealer firm and must pass the FINRA-administered Series 7 examination (known as the General Securities Representative Exam) or another Limited Representati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ticker Tape
Ticker tape was the earliest electrical dedicated financial communications medium, transmitting stock price information over electrical telegraph, telegraph lines, in use from around 1870 to 1970. It consisted of a paper strip that ran through a machine called a stock ticker, which printed abbreviated company names as alphabetic symbols followed by numeric stock transaction price and volume information. The term "ticker" came from the sound made by the machine as it printed. The ticker tape revolutionized financial markets, as it relayed information from trading floors continuously and simultaneously across geographical distances. Paper ticker tape became obsolete in the 1960s, as television and computers were increasingly used to transmit financial information. The concept of the stock ticker lives on, however, in the scrolling electronic tickers seen on brokerage walls and on news and financial television channels. Ticker tape stock price telegraphs were invented in 1867 by E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
