An employee of an exchange that judges between disputes on the trading floor. For example, if two traders disagree on the terms of a trade to which they previously agreed, they may call upon a floor official to settle the dispute. It is important to note that floor officials do not decide points of trading law; they merely arbitrate disputes.
An exchange member or employee who mediates disputes among members on the floor of the exchange. For example, two floor brokers may disagree as to which one of them has priority on an order. The floor official would then umpire the dispute.