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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
The Wire Room, on Broad Street, Aberdeen, brought news from agencies and correspondents around Britain and throughout the world, and was regarded as the height of technology in its day.
It houses premier electrical and industrial materials and includes a large indoor pipe yard and spacious wire room.
A "wire room" containing a Welsh dresser, a bed, clothing and a table and chairs, has won the top craft prize at the National Eisteddfod.
Julia Griffiths Jones, from Llanybri, Carmarthen, who created a "wire room" containing a Welsh dresser, a bed from Slovakia, clothing and a table and chairs, has won a Gold Medal for Craft and Design at the Anglesey 2017 National Eisteddfod of Wales.
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!" There was to be no sleep that night: the late morning special edition I helped publish that day sold out and helped make my reputation.
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...") In a flash, somebody dialed the "other office" and got Fritz.
"We (the photographers) had a very good relationship with him and the rest of the guys in the wire room."
I saw myself in the wire room at The (Baltimore) Sun, grabbing the stack of faxes.
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."
THE WIRE ROOM 7.45pm Poets, writers and performers at The Wellington Inn, Wolviston.
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.com, said Queens district attorney Richard A.
THE Daily Post once had its own wire room which was a hub of activity for news coming in from around the world.