Floor broker

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Floor broker

Member of an exchange who is an employee of a member firm and executes orders, as agent, on the floor of the exchange for clients.

Floor Broker

A broker who is employed by a member firm of an exchange who executes trades on behalf of the member firm's clients. These clients make their orders to the member firm, which is also a brokerage, and these orders are relayed to floor brokers, who conduct the desired trades. Importantly, unlike floor traders, floor brokers do not trade on their own accounts.

floor broker

A member of a securities exchange who executes orders on the exchange floor. For example, commission brokers and two-dollar brokers are floor brokers.

Floor broker.

Floor brokers at a securities or commodities exchange handle client orders to buy or sell through a process known as a double action auction, in which brokers bid against each other to secure the best price.

The orders these brokers execute are sent to the floor of the exchange from the trading department or order room of the brokerage firms they work for. When a transaction is completed, the floor broker relays that information back to the firm, and the client is notified.

References in periodicals archive ?
Leading and general buyers kept their eyes on better grades and physical trading volumes in second grade remained on the higher side, floor brokers said.
Floor brokers said that confusion over crop size was keeping everyone perplexed and there was a strong indicator that prices would remain under pressure as most of the cotton producing countries were expecting bumper crops.
Remodeling work ladies health services and gentlemen and maintenance and repair of floor brokers, training center santo tomas de castilla.
The KCA spot increased Rs 100 per maund to stay firm at Rs 7,000 per maund while physical prices remained around Rs 7,475 per maund to Rs 7,500 per maund, floor brokers said.
Floor brokers are one of three core liquidity providers in the NYSE market model; the others are designated market makers and supplemental liquidity providers.
The New York Stock Exchange's columned neo-Classical building is as instantly recognizable as the ceremonial ringing of the opening and closing bells, its floor brokers the embodiment of the frenzied pace of the market.
Founded in 1882, the Chicago Stock Exchange's 450 members, including floor brokers, specialists and market makers use the Internet intensively for company and market research, and for communicating with customers regarding orders.
In New York, a veritable army of 6,300 floor brokers, specialists, computer technicians, and miscellaneous clerks is required to keep the vast trading floor running smoothly.
The Securities and Exchange Commission, in announcing the allegations and a settlement, said the NYSE admitted no wrongdoing, but agreed to improve its oversight and surveillance of floor brokers.
Sofianos and Werner find that the dollar value of executed orders represented by floor brokers amounts to 44 percent of the value of all executed orders.
These floor brokers execute, buy or sell orders handed to them by other members and for this service they receive a share of commission.
Seats are usually owned by companies whose customers include individual speculative traders, trade hedgers and floor brokers who do not belong to the clearinghouse.