Wire room

Wire room

A department within a brokerage firm that receives customers' orders and transmits the orders to the exchange floor or the firm's trading department.

Wire Room

A department (or a physical room in the office) of a brokerage that receives orders from clients and transmits them to the appropriate broker on an exchange for execution. Likewise, when the order is executed, the wire room is responsible for informing the client. The wire room helps keep the process of placing orders and making transactions as organized as possible. See also: Front office.

wire room

The area in a broker-dealer firm in which customer orders are received from retail offices and are relayed to an exchange floor for execution. Following execution, that information is relayed from the wire room back to retail offices.

Wire room.

When brokerage firm orders to buy and sell were handled manually, the firm's back office was called the wire room.

People who worked there received the buy or sell orders that came in from brokers and transmitted them to the firm's trading department or floor traders for execution. The wire room also received notifications when the transactions were completed and sent those notifications back to the brokers who took the orders.

However, as electronic systems increasingly handle these communications, wire rooms have essentially disappeared.

References in periodicals archive ?
In November, 1970, as last man on the office 'dog watch', I was leaving the newsroom when the teleprinter operator (those were the good old days) stuck his head through the hatch connecting the wire room and shouted: "Says here the Pope has been attacked in the Philippines
Minutes after 1:30, a shaken office boy raced out of the wire room with an AP bulletin that would change the world: President Kennedy had been shot in a Texas motorcade ("Kennedy apparently shot in the head, fell face down.
Harold Mansell was predominantly office-based working in the wire room and sending on pictures to the sub editors.
Newsroom jobs lost, said the paper's executive editor, Anders Gyllenhaal, "include an assignment editor, a copy editor, a designer, a position in the library, a photographer, an online editor, and two positions in the wire room.
To learn more about WatchDOG(R) Wire and what it can do for your financial institution's Wire Room process, visit http://www.
Bets from Queens NY were placed through a wire room in Costa Rica, which runners reached either by calling a toll-free phone number or logging onto a website: 50ksports.
THE Daily Post once had its own wire room which was a hub of activity for news coming in from around the world.
The payment was interdicted electronically when it reached the wire room of a U.
The second method is the Fed Wire system, under which the taxpayer initiates a transfer from its bank's wire room to the wire room at the State's bank.
We no longer have to call the wire room to see if a transaction has gone through.
Even smaller banks could see foreign exchange profit coming out of the wire room operations.
The second method of payment is the Fed Wire method, under which the taxpayer initiates a transfer from its bank's wire room to the wire room at the State's bank.