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Nonmember Firm |
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Nonmember firm Used for listed equity securities. Brokerage firm that is not a member of an organized exchange (NYSE). Such firms execute trades either through member firms, or on regional exchanges where they are members, or in the third market.
Nonmember Firm A firm that does not have any employees who are allowed to trade on the floor of an exchange. To become a member, one needs to purchase a membership or a seat on the exchange, which can be very expensive. Furthermore, there are usually a set number of memberships to an exchange; for example, on the New York Stock Exchange, there are 1,366 seats. As a result, nonmember firms must work with and through member firms in order to gain access to the floor and execute trades. 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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