The process of transferring responsibility for a brokerage firm's trading account from one office to another around the world in order to benefit from trading 24 hours a day.
Pass the Book
In a brokerage, to transfer orders from one office to another office. Passing the book enables a brokerage to continue trading when one exchange closes by simply going to an office that operates on an exchange that is still open. Ideally, this will enable trading 24 hours per day.