DEFINITION of 'Wire Room'
A financial institution's funds transfer operation, or its operating department. This department is responsible for receiving customer orders from a registered representative, transmitting the order to the exchange floor or the firms trading department, relaying notices of executed trade orders to the appropriate registered representative, and receiving payment orders.
Also called an order department or order room.
BREAKING DOWN 'Wire Room'
A wire room is the operation within a financial institution, such as a brokerage firm, that handles customer orders. Orders are received and processed, and the corresponding notices and payments are executed. Certain larger firms have entire staffs dedicated to the wire room; smaller firms may have staff rotate between the wire room and other responsibilities.
In a bank, the wire room refers to the department that handles wire transfers between accounts.