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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 floorexchange 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. 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| We're trying to be the repository of information about the old Pacific Exchange," said Harvey Cloyd, a Wedbush vice president who spent 15 years as an institutional floor broker at the exchange. After college, he went to work for the venerable Wall Street firm Morgan Stanley, first as a runner and ending up as a floor broker. Smith began his Wall Street career as an independent floor broker at the New York Stock Exchange. |
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