Most customer orders will never be handled by a floor broker. Floor brokers usually only handle the large complex institutional orders. Customer orders will be electronically routed directly to the trading post for execution via the super display book system. The super display book bypasses the floor broker and sends the order right to the specialist / DMM for execution. If the order can be immediately executed, the system will send an electronic confirmation of the execution to the submitting broker dealer. All listed securities are eligible to be traded over the super display book system. All pre opening orders that can be matched up are automatically paired off by the system and executed at the opening price. Any pre opening orders that cannot be paired off are routed to the trading post for inclusion on the display book.

Introduction

Related Articles
  1. Trading

    Understanding Order Execution

    Find out the various ways in which a broker can fill an order, which can affect costs.
  2. Trading

    High-Frequency Trading: A Primer

    An in depth look at how high-frequency trading works and who the players are.
  3. Trading

    Creating Automated Trading Systems Using Interactive Brokers

    Learn how to use this automated global electronic market maker and broker.
  4. Investing

    How To Choose The Right Online Trading Broker

    The online broker market is becoming more competitive, but differences exist in services that can help traders choose the broker that’s right for them.
  5. Trading

    Price Shading In The Forex Markets

    This practice puts brokers ahead of their clients, but it doesn't have to be a negative for traders.
  6. Personal Finance

    How Brokers Can Avoid A Market-Maker's Tricks

    Ensure that you and your clients are getting the best deal by avoiding these three pitfalls.
  7. Insights

    How Super Tuesday Hurts – Then Helps – the Market

    The S&P 500 rose in the week after Super Tuesday in 1992, 1996, 2000, 2008 and 2012, but not in 2004.
Frequently Asked Questions
  1. When are Beneficiaries of a Will Notified?

    Learn when the beneficiaries of a will must be notified, and understand how this requirement varies depending on whether ...
  2. Why Does Larry Page Pay Himself a $1 Salary?

    Google co-founder Larry Page continues to take an annual salary of only $1 as chief executive officer.
  3. What is Common Stock and Preferred Stock?

    Learn about the differences between common and preferred shares. Explore situations where preferred shares have more favorable ...
  4. Can CareCredit be Used for Family Members?

    Learn more about the available options that CareCredit offers to pay for out-of-pocket medical procedures with little to ...
Trading Center